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LUBRIZOL TO ACQUIRE NOVEON FOR $1.84 BILLION
April 26, 2004
The Lubrizol Corporation has announced the signing of a definitive agreement to purchase Noveon International, Inc. in a transaction valued at $1.84 billion. The acquisition, which has been approved by the boards of both companies, is subject to regulatory approval and is expected to close within three months. The addition of Noveon, a privately held Cleveland-based specialty chemical company with $1.2 billion in revenues for the last 12 months, will create a combined company with approximately $3.2 billion in annualized revenues. It will complement Lubrizol's existing businesses in fluid technologies and, in particular, will expand the company's application base within the personal care and specialty coatings markets. Noveon's businesses include several high-growth, industry-leading product franchises marketed under well-recognized brand names. These global brands include Carbopol acrylic thickeners for personal care, TempRite chlorinated polyvinyl chloride resins and compounds, Estane thermoplastic polyurethane and Hycar reactive liquid polymers for engineering adhesives and waterborne acrylic emulsions for performance coatings.