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Lubrizol has agreed to buy Croda's refrigeration lubricants business for $125 million. The acquisition, which includes polyol ester and alkyl benzene lubricants technology but no manufacturing assets, should close before the end of the year. Croda acquired the business when it bought ICI's Uniqema oleochemicals operations last year for $800 million; it will use the proceeds from the sale to reduce debt. Lubrizol says the purchase complements its existing refrigeration lubricants business.
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