Lubrizol Announces Plan to Sell Bromborough, England Site
The Lubrizol CorporationThe Lubrizol Corporation announced that it has entered into an agreement with D1 Oils plc (D1), a UK-based global producer of biodiesel, to sell its 47-acre Bromborough, England manufacturing site. The sale price is 3.0 million pounds sterling (approximately $5.7 million US). D1 plans to convert the site to biodiesel production during 2007.
On January 17, 2005, Lubrizol announced its plans to phase out production of additives for fuels, additives for engine oil lubricants, and specialty monomers at the Bromborough site by year end 2006. At that time, the company estimated that restructuring costs, including employee severance and other plant closure costs (including planned demolition costs), would be approximately $15.0 million. The company now estimates that the sale of the site will save approximately $3.0-$5.0 million in restructuring costs that would have been associated with demolition of the plant facilities on the site.
The sale is expected to close by year end. Production from the Bromborough site has been transferred to higher capacity Lubrizol facilities in France and Texas.
Other news from the department business & finance
