Industry News

Lubrizol CEO To Undergo Medical Treatment

Published on 2004-06-01. Author : SpecialChem

CLEVELAND, Ohio, June 1, 2004 - The Lubrizol Corporation (NYSE: LZ) announced that James L. Hambrick, 49, the company's president and chief executive officer, will undergo treatment beginning today to address a medical condition.

"I have been diagnosed with early stage testicular cancer," said Hambrick. "I have elected to pursue a well proven chemotherapy program and I am extremely confident in my outlook. My physicians have advised me to expect a full recovery by the end of the summer." Mr. Hambrick's diagnosis has a 95 percent rate of complete cure with the course of treatment he has opted to take.

Plans call for Hambrick to maintain day-to-day responsibility for the company during his treatment. The company also anticipates that W.G. Bares, the chairman of the board and former chief executive officer, will continue to assist Hambrick actively in overseeing the execution of the company's long-range, strategic plan. The company noted that Mr. Hambrick's condition will have no impact on the progress of the Noveon acquisition.

The Lubrizol Corporation (NYSE: LZ) is a global provider of specialty additives and fluid technologies. These high-performance technologies focus on chemicals, systems and services for transportation and industry. The company's customers use its technology to enhance a wide variety of end-use products, including engine lubricants and fuel; gear oils and other vehicle-related fluids; hydraulic fluids and emission control systems; greases and industrial fluids; personal care products and industrial cleaners; paints, coatings and inks; and mining chemicals. Lubrizol was founded in 1928 and owns and operates 37 manufacturing plants in 16 countries. The Wickliffe, Ohio-based company has 53 sales and technical offices and more than 5,000 employees worldwide. The company had revenues of $2 billion and earnings of $91 million in 2003. On April 16, 2004, Lubrizol announced that it had signed a definitive agreement to acquire Noveon International, Inc. in a transaction valued at $1.84 billion. For more information, visit www.lubrizol.com.

Source: Lubrizol Corp.

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