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Lubrizol Sells Telene® Resins Business

Published on 2005-11-07. Author : SpecialChem

CLEVELAND, OH -- The Lubrizol Corporation (NYSE: LZ) announced that it has entered into an agreement with RIMTEC Corporation for the sale of the assets of Noveon's Telene® resins business. Telene's business office is located in Brussels, Belgium, and its technical center is located in Drocourt, France. RIMTEC, with headquarters in Tokyo, Japan, is jointly owned by Zeon Corporation and Teijin Chemicals Ltd.

This is Lubrizol's second divestiture since it announced its intent in July to market non-core businesses with combined revenues of $500 million. The Telene business is part of the specialty materials product line in Lubrizol's Specialty Chemicals segment.

Telene, with 2004 revenues of less than 10 million euros, markets high-purity dicyclopentadiene (DCPD) Telene® resins and proprietary catalyst systems to the reaction injection molding industry, principally in Europe and China. Customers produce and sell high-impact-resistant molded parts to various original equipment manufacturers, primarily in the agricultural, earth-moving equipment and truck markets. Telene has a long relationship with RIMTEC, having served as its DCPD resin distributor for a number of years.

Don Bogus, president of Noveon, Inc., said, "This sale is good for everyone involved. Since Lubrizol is always concerned with employees' welfare, we are very pleased that RIMTEC has offered all of the Telene employees opportunities in the new organization. So it will be business as usual for customers."

The sale, which is expected to close early next year, is subject to certain regulatory approvals. It is not anticipated that there will be any barriers to receiving such approvals. Terms of the sale were not disclosed.

The Lubrizol Corporation (NYSE: LZ) 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; performance coatings in the form of specialty resins and additives; and additives for the food and beverage industry. 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 owns and operates manufacturing facilities in 21 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has more than 7,600 employees worldwide. In June 2004, Lubrizol acquired Noveon International, Inc. With Noveon, Lubrizol generated annual pro forma revenues of $3.7 billion in 2004 and $3.2 billion in 2003.

Source: The Lubrizol Corporation

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