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Lubrizol Announces James L. Hambrick to Succeed W.G. Bares as Chairman

Published on 2004-12-14. Author : SpecialChem

CLEVELAND -- The Lubrizol Corporation (NYSE: LZ - News) announced that the company's Board of Directors has elected James L. Hambrick, president and chief executive officer, to the additional role of chairman effective January 3, 2005. Hambrick will succeed W.G. Bares, who announced in February 2004 his plans to retire as chairman at the end of this year.

William G. Bares, 63, joined Lubrizol in 1963 as a process development engineer. He was elected a director of the corporation in 1981, president in 1982, chief operating officer in 1987 and chairman, president and chief executive officer in 1996. In April 2004, Mr. Bares retired as chief executive officer and has remained an employee of the corporation since then. He received a B.S. degree in chemical engineering from Purdue University and an M.B.A. from Case Western Reserve University.

James L. Hambrick, 49, joined Lubrizol in 1978 at the company's Houston, Texas production facility. Following his initial experience in operations and technology, Mr. Hambrick served in a number of commercial, business management and international market expansion positions, including global business manager for the company's $1 billion engine oil additives business. In 2000, Mr. Hambrick was elected an officer and relocated to Singapore as vice president, Asia Pacific. He was elected president in January 2003 and chief executive officer in April 2004. Mr. Hambrick received a B.S. degree in chemical engineering from Texas A&M University.

Commenting on the announcement, Mr. Bares said, "2004 has been a great year for Lubrizol -- not only for the strength of our business, but also for the outstanding progress we made in achieving our growth vision. Going forward, I have great confidence in the strong management team under James's leadership.

"In my 41 years with Lubrizol I've seen many changes, including a 50-fold increase in revenues and significant expansion in the markets we serve. However, many things have not changed: our corporate integrity, our investment in technology, our focus on being a good neighbor in the communities in which we operate and the sense of pride on the part of my colleagues when they say, 'I work at Lubrizol.' I am confident these fundamentals will continue and I am enthusiastic about Lubrizol's prospects for the future."

The Lubrizol Corporation (NYSE: LZ - News) is a global provider of specialty chemicals and materials for a wide variety of markets and end-use applications, such as 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; performance coatings in the form of specialty resins and additives; and additives for the food and beverage industry. Lubrizol's industry-leading positions in additives, ingredients and compounds enhance the quality, performance and value of customers' products, while reducing their environmental impact.

Headquartered in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 22 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has more than 7,700 employees worldwide. In June 2004, Lubrizol acquired Noveon International, Inc. With Noveon, Lubrizol generated pro forma revenues of $3.2 billion in 2003 and $2.8 billion in the first nine months of 2004.

Source: The Lubrizol Corporation

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