CLEVELAND (April 16)—Lubrizol Corp. has signed a definitive agreement to purchase Noveon International Inc. for $1.84 billion. The deal is subject to regulatory approval and is expected to close within three months.
Combined, the two firms would post annual sales of about $3.2 billion. Lubrizol said Noveon would complement its existing businesses in fluid technologies and will expand the firm´s application base within the personal care and specialty coatings market. Lubrizol expects the transaction to yield about $40 million in cost synergies.
Noveon's products include its Estane-brand thermoplastic polyurethane and Hycar-brand reactive liquid polymers for engineering adhesives and water-borne acrylic emulsions for performance coatings.