CLEVELAND (June 7)—Lubrizol Corp has completed its $1.84 billion acquisition of Noveon International Inc. and announced a new structure consisting of two operating segments: Lubrizol Additives and Noveon.
The Noveon segment will include complementary businesses from Lubrizol's Fluid Technologies for Industry division, such as additives and specialty resins for coatings and inks, ingredients for personal care products, additives for foam control and other process chemicals.
Donald Bogus, who led the FTI division, has taken over as president of Noveon. The new structure will promote accountability, encourage innovation and focus on commercial results, according to James Hambrick, Lubrizol president and CEO.
Hambrick said Lubrizol Additives and Noveon are implementing price increases to address rising raw material costs. "The high cost of petrochemical raw materials is a serious concern," he said.
Noveon last year posted sales of $1.2 billion from a portfolio including thermoplastic polyurethanes, reactive liquid polymers for engineering adhesives and ingredients used in personal care products. Lubrizol reported 2003 sales of $2 billion from the supply of specialty additives and fluid technologies for various applications.