Lubrizol Completes Acquisition of Croda's Refrigeration Lubricants Business
CLEVELAND, Nov. 1 -- The Lubrizol Corporation (NYSE:LZ) announces that today it has completed its acquisition of Croda International Plc's refrigeration lubricants business. Revenues of that business over the last 12 months were approximately $84 million.
The acquisition includes Croda's polyol ester and alkyl benzene refrigeration lubricant technology, Emkarate® and Icematic® brand names, customer lists, manufacturing know-how and complementary intellectual property. No manufacturing facilities are included in the transaction.
"This business complements our existing refrigeration lubricants business, which is served by our subsidiary, CPI Engineering Services, Inc., located in Midland, Michigan. This is an example of Lubrizol's strategy to grow through bolt-on acquisitions that enhance existing product lines," says Val Pakis, Lubrizol Additives vice president of industrial products.
The Lubrizol Corporation (NYSE:LZ) is an innovative 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. Lubrizol's industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers' products, while reducing their environmental impact.
With headquarters in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 19 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 6,800 employees worldwide. Revenues for 2006 were $4.0 billion. For more information, visit www.lubrizol.com.
Source: The Lubrizol Corporation
CONTACT: Media, David Cowen, +1-440-347-5333, of The Lubrizol Corporation
Web site: www.lubrizol.com/
