Lubrizol Corp. announced last week that it is entering the separations solutions market, a further diversification for one of the world’s biggest suppliers of lubricant additives.
Calling separations a rapidly growing market, the company, which is headquartered in Wickliffe, Ohio, mentioned no plans for acquisitions but said it will begin introduce its first product for the new segment later this year.
Lube additives is still Lubrizol’s biggest business, but the company had been steadily branching into additional markets for decades. It now has two main segments: additives, which supplies chemical additives for lubricants and fuels; and advanced materials, which provides chemicals for the healthcare, medical, cosmetics, plumbing and water treatment industries, as well as textiles and other consumer products.
The separations industry encompasses filtration and other methods used to separate materials and, in Lubrizol’s words, is critical to applications such as food and beverage processing and various manufacturing and municipal markets. Lubrizol pegged it as a $140 billion industry, and analysts predict it will grow at double-digit rates in coming years.
In a Sept. 15 announcement, the company said its existing expertise lends itself to the new venture.
“Lubrizol’s entry into this market complements our broader corporate development activity underway,” stated Matt Joyce, vice president, corporate new business development. “We are focused on bringing differentiated technologies, formulating competencies and testing capabilities to create better application-based solutions. Addressing market challenges, developing more energy efficient solutions and delivering meaningful benefits to our customers’ business is the centerpiece of our work.”
The company appointed Michael Fornes director of its Separation Solutions business.