Lubrizol Completes Sale of Food Ingredients and Industrial Specialties Businesses
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The Lubrizol Corporation announced that it has completed the sale of its food ingredients and industrial specialties businesses to an affiliate of Sun Capital Partners, Inc. (Sun Capital), a private investment firm with headquarters in Boca Raton, Florida. Cash proceeds of the transaction were $270 million, before working capital adjustments.
In March, Lubrizol announced that it had entered into a definitive agreement to sell the Business to Sun Capital. The Business consists of a fine chemicals group, a specialty polymers and additives group and a performance materials group. The Business previously reported into the Noveon Specialty Chemicals segment and will be renamed Emerald Performance Materials, LLC.