Lubrizol Closes Noveon Deal

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Lubrizol Corp. announced last week that it has closed on its $1.8 billion acquisition of chemical maker Noveon International Inc. The Wickliffe, Ohio, additive supplier also announced a new corporate structure that largely maintains existing management responsibilities.

The deal closed Thursday, just seven weeks after it was announced. Lubrizol, which was already the worlds largest supplier of lubricant additive packages, has grown by 60 percent to become a chemical company that had combined sales revenue of $3.2 billion in 2003.

Noveon, which was based in Cleveland, produces a range of specialty chemicals for consumer and industrial markets. Most of its sales are outside the lubricant industry, although it does make alkylated diphenylamines antioxidants used in lubes, rubber and plastics.

Lubrizol will now have two operating segments: Lubrizol Additives and Noveon. Lubrizol Additives essentially consists of Lubrizols former Fluid Technologies for Transportation segment and will sell additives for engine oils, driveline fluids, industrial fluids, fuels, emulsified products and advanced fluid systems. The Noveon segment will retain its former operations plus parts of Lubrizols former Fluid Technologies for Industry segment that supplied additives for the personal care, paints and coatings and other markets.

Stephen F. Kirk, former vice president for FTI, has been named president of Lubrizol Additives. Donald W. Bogus was appointed president of Noveon, as previously announced, and general managers of all six Noveon business units retained their posts.

A spokesman said the company is still working through details of how to allocate some operations and will look for opportunities to streamline activities.

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