The Lubrizol Corporation, a global provider of specialty additives and fluid technologies, announced recently that it has signed a definitive agreement to purchase Noveon International, Inc in a transaction valued at $1.84 billion.
The acquisition, which has been approved by the boards of both companies, is subject to regulatory approval and is expected to close within three months.
According to Lubrizol, the addition of Noveon, a privately held Cleveland-based specialty chemical company with $1.2 billion in revenues for the last 12 months, will create a combined company with approximately $3.2 billion in annual revenues.
Noveon’s businesses include several product franchises marketed under well-known brand names. These include Carbopol acrylic thickeners for personal care, TempRite chlorinated polyvinyl chloride resins and compounds, Estane thermoplastic polyurethane and Hycar reactive liquid polymers for engineering adhesives and water-borne acrylic emulsions for performance coatings.
The transaction value includes a cash payment of approximately $920 million for equity and the assumption of $920 million net debt.