Lubrizol Sells Ingredients Businesses to Private Equity
Lubrizol announced in March 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.
02/05/06 The Lubrizol Corporation has completed the sale of its food ingredients and industrial specialties businesses to an affiliate of Sun Capital Partners, Inc., a private investment firm with headquarters in Boca Raton, Florida. Cash proceeds of the transaction were $270 million, before working capital adjustments.
On March 17, 2006, 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. Keybanc Capital Markets advised Lubrizol on the transaction.
The Lubrizol Corporation is a specialty chemical company that produces and supplies technologies that improve the quality and performance of our customers' products in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives.
