Lubrizol sells resins business

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The Lubrizol Corporation announced today 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 centre is located in Drocourt, France. RIMTEC, with headquarters in Tokyo, Japan, is jointly owned by Zeon Corporation and Teijin Chemicals.

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, markets high-purity dicyclopentadiene (DCPD) Telene resins and proprietary catalyst systems to the reaction injection moulding industry, principally in Europe and China.

Customers produce and sell high-impact-resistant moulded parts to various original equipment manufacturers, primarily in the agricultural, earth-moving equipment and truck markets.

The sale, which is expected to close early next year, is subject to certain regulatory approvals. Terms of the sale were not disclosed.