CLEVELAND, May 23 /PRNewswire-FirstCall/ -- The Lubrizol Corporation announced today that it has completed the sale of its active pharmaceutical ingredient and intermediate compounds business, with facilities in Raubling, Germany and Chennai, India (the Business) to Auctus Management GmbH, a German private equity firm located in Munich, Germany, and former managers of the active pharmaceutical ingredient business (the Purchasers).
On March 31, 2006, Lubrizol announced that it had entered into a definitive agreement to sell the Business to the Purchasers. The Business develops and produces active pharmaceutical ingredients and advanced intermediates that are marketed to proprietary and generic drug manufacturers worldwide. The Business previously was part of Lubrizol's consumer specialties product line in the Noveon Specialty Chemicals segment and will be renamed PharmaZell GmbH. Keybanc Capital Markets advised Lubrizol on the transaction.
This is Lubrizol's fifth and last planned divestiture since it announced in July 2005 its strategy to divest non-core businesses with combined revenues of $500 million in order to focus on building its personal care, performance coatings, specialty materials and lubricant additives businesses.
About The Lubrizol Corporation
The Lubrizol Corporation is an innovative specialty chemical company that produces and supplies technologies that improve the quality and performance of our customers' products in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Lubrizol's industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers' products, while reducing their environmental impact.
With headquarters in Wickliffe, Ohio, The Lubrizol Corporation, a Fortune 500 company, owns and operates manufacturing facilities in 20 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 6,900 employees worldwide. Revenues for 2005 were $3.6 billion, excluding operations discontinued in 2006 that had 2005 revenues of $0.4 billion. For more information, visit www.lubrizol.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looking statements are subject to uncertainties and factors relating to the company's operations and business environment that are difficult to predict and may be beyond the control of the company. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. Uncertainties and risk factors that could affect the future performance of the company and cause results to differ from the forward-looking statements in this press release include, but are not limited to, the increased leverage resulting from the financing of the Noveon International, Inc. acquisition; the company's ability to raise prices in an environment of increasing raw material prices; conditions affecting the company's customers, suppliers and the industries that it serves; competitors' responses to the company's products; changes in accounting, tax or regulatory practices or requirements; and other factors that are set forth in the company's most recently filed reports with the Securities and Exchange Commission. The forward-looking statements contained herein represent the company's judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. The company assumes no obligations to update the statements contained in this release.
The Lubrizol Corporation
CONTACT: Financial-Investors, Joanne Wanstreet, +1-440-347-1252, or Media,David L. Cowen, +1-440-347-5333, both of The Lubrizol Corporation