Lubrizol Corp. announced Friday that it has reached an agreement to sell its active pharmaceutical ingredient and intermediate compounds business in a leveraged management buyout. It is the fifth of five non-core operations that Lubrizol announced it would spin off last July.
The buyer for the latest deal is the existing management team in cooperation with Auctus Management GmbH, a private equity firm based in Munich. Lubrizol did not disclose terms of the transaction, which is expected to close in May. It did say that the active pharmaceutical ingredient and intermediate compounds business anticipates sales revenue of $30 million in 2006. The business has manufacturing facilities in Raubling, Germany, and Chennai, India.