Lubrizol Completes Sale of Food Ingredients and Industrial Specialties Businesses
The Lubrizol Corporation announced that it has completed the sale of its food ingredients and industrial specialties businesses to an affiliate of Sun Capital Partners, Inc. (Sun Capital), a private investment firm with headquarters in Boca Raton, Florida. Cash proceeds of the transaction were $270 million, before working capital adjustments.
In March, Lubrizol announced that it had entered into a definitive agreement to sell the Business to Sun Capital. The Business consists of a fine chemicals group, a specialty polymers and additives group and a performance materials group. The Business previously reported into the Noveon Specialty Chemicals segment and will be renamed Emerald Performance Materials, LLC.
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