Lubrizol Completes Divestiture

The company sells its pharma ingredient business.
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Lubrizol

(LZ)

completed the sale of its active pharmaceutical ingredient and intermediate compounds business.

The company sold the business, with facilities in Raubling, Germany, and Chennai, India, to Auctus Management, a private equity firm located in Munich, and former managers of the active pharmaceutical ingredient business.

The sold business was previously part of Lubrizol's consumer specialties product line in the Noveon specialty chemicals segment and will be renamed PharmaZell, the company said.

The Cleveland-based company said that this was its fifth and last planned divestiture since the announcement of its strategy in July 2005 to divest itself of noncore businesses with combined revenue of $500 million in a bid to focus on building its personal care, performance coatings, specialty materials and lubricant additives businesses.

The stock rose 29 cents to $41.10 Tuesday.

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