Lubrizol acquires Dow polyurethane business
Monday January 5, 10:52 am ET
Lubrizol acquires Dow Chemical polyurethane line to expand polymers business
CLEVELAND (AP) -- Lubrizol Corp., a specialty chemical manufacturer, said Monday it has acquired a Dow Chemical Co. polyurethane business.
The deal, which closed Dec. 31, expands Lubrizol's estane engineered polymers business. Financial terms were not disclosed.
Dow's thermoplastic polyurethane business posted revenue of about $85 million in 2007. Lubrizol said.
The agreement includes all commercial, production and research and development assets of the Dow business. Lubrizol, based in Wickliffe, Ohio, will take on about 40 full-time employees.
The new business supports Lubrizol's strategy of growth through geographic expansion to introduce new products and technology to international markets where Dow's business has had "limited penetration," said Mike Vaughn, vice president of Lubrizol's estane engineered polymers business.
The acquisition provides Lubrizol access to new end uses, such as niche medical applications, he said.
The Dow business produces thermoplastic polyurethane elastomers for footwear, medical tubing, automotive, film and industrial and engineering applications and engineering thermoplastic polyurethane resins used in specialty applications that require engineering plastic properties such as clarity, impact strength and chemical resistance. Dow Chemical is based in Midland, Mich.
Shares of Lubrizol rose 4 cents to $37.71 in morning trading. Dow gained 11 cents to $15.52.
Source: Associated Press
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