Avecia Additives develops, manufactures and markets high-value additives that are based on polymeric dispersion technology and used in coatings and inks. It has annual revenues of approximately $50 million and will be folded into the existing paints, coatings and inks unit of Lubrizols Fluid Technologies for Industry segment, which has annual revenues of $100 million.

The transaction includes a factory in Huddersfield, U.K., and technical centers in Charlotte, N.C., Singapore and the United Kingdom. Including commercial staff in Europe, Asia and North America, the acquisition will add approximately 110 people to the payrolls of Lubrizol, which announced the elimination of 150 jobs in November.

Lubrizol, based in Wickliffe, Ohio, said recently that it planned to accelerate its pace of growth partly by completing more and bigger acquisitions. The company has made several smaller pickups the past few years with some, like Avecia, being outside its traditional lubricant additive business. Still, a spokesman said yesterday that the company is in no way moving away from lubricants.

Lubricants accounts for almost 80 percent of our company, so its still a huge part of our business, spokesman James S. Baldwin said. The industry is in a state of consolidation right now, and we see opportunity for growth in that, as well as in the ongoing demand for new products.

Lubrizol and Avecia did not disclose terms of the acquisition. Avecia, which is based in Blackley, Manchester, U.K., said it will use its proceeds to reduce debt.