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Business

Lubrizol sells Noveon businesses

March 27, 2006 | A version of this story appeared in Volume 84, Issue 13

Lubrizol has agreed to sell its food ingredients and industrial specialties businesses to an affiliate of the private investment firm Sun Capital Partners for an undisclosed sum. The businesses, which Lubrizol mostly obtained as part of its 2004 acquisition of Noveon, include operations in fine chemicals, specialty polymers and additives, and performance materials. The businesses employ some 625 people at six U.S. manufacturing sites and had sales last year of about $400 million. The proposed deal is Lubrizol's fourth and largest since announcing in July 2005 that it wanted to sell businesses with combined sales of about $500 million in order to focus on personal care, performance coatings, specialty materials, and lubricant additives. Sun Capital has more than 50 companies in its business portfolio, three of which it obtained from chemical firms. Last year, it acquired Chemtura's Sonneborn refined products division, and in 2004, it bought Honeywell's performance fibers business and Kerr-McGee's Searles Valley, Calif., inorganic chemicals operation.

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