Lubrizol Corporation is a provider of specialty chemicals for the
transportation, industrial and consumer markets. These products
include additives for engine oils and other transportation-related
fluids, additives for industrial lubricants, and additives for
gasoline and diesel fuel. In addition,
Lubrizol makes ingredients and
additives for personal care products, pharmaceuticals and medical
devices, specialty materials, including plastics technology, and
coatings in the form of specialty resins and additives.
Lubrizol is a subsidiary of
Berkshire Hathaway and is headquartered in
Wickliffe, Ohio. The company generated $6.5 billion in revenue in
2016 and has an employee headcount of approximately 8,300 people
globally. Eric R. Schnur is the current president, chairman and
Lubrizol Advanced Materials
3 Acquisitions and partnerships
5 External links
Lubrizol Corporation was founded in 1928 as The Graphite Oil
Products Company in Cleveland, Ohio, by father Frank A. Nason and son
Francis A. "Alex" Nason, Thomas W. James and brothers Kent H. Smith,
Vincent K. Smith and A. Kelvin Smith. The company's first
product was a graphite lubricant and applicator for early automobiles.
In 1929, the company changed its name to The Lubri-Graph Corporation.
It moved to
Wickliffe, Ohio in 1931. In 1934, Lubri-Graph changed
its name to The Lubri-Zol Corporation. The name changed to Lubrizol
The company went public on the
New York Stock Exchange
New York Stock Exchange in the 1960s.
Toward the end of that decade,
Lubrizol focused on developing products
to help make cars cleaner and more fuel efficient. During the 1980s,
the company created new additives for passenger motor oils, gear oils,
hydraulic fluids and viscosity modifiers, while also eyeing
biotechnology, agribusiness and specialty chemicals for other
applications to expand beyond the transportation field.
Lubrizol acquired Noveon International in 2004 for US$ 920 million in
cash and the assumption of US$ 920 million in debt. That move,
along with others, helped
Lubrizol expand beyond its additives
business and create a second business segment,
Materials, producing industrial chemicals for packaging, paints and
textiles, chemicals for personal-care products such as lotions and
shampoos, and additives and ingredients for engineered polymers, in
addition to products for the medical devices and pharmaceutical
Berkshire Hathaway announced on March 14, 2011 that it would acquire
Lubrizol for US$9.7 billion in cash. This happened just weeks
after a top Berkshire executive, David Sokol, made a major bet on the
stock price with his own money. That deal closed in September
2011. In December 2014,
Lubrizol bought Weatherford
International's engineered chemistry and drilling fluids businesses in
a deal valued at US$825 million. This resulted in creation of the
company's third business segment,
Lubrizol Oilfield Solutions.
The company announced that it eliminated
Lubrizol Oilfield Operations
business segment in February 2017.
Lubrizol's expansion in other areas of business in the 2000s included
a 10-year phased investment plan launched in 2010. The plan, which
sought to increase global capacity in additives, featured a plant in
Zhuhai, China, among others. Additionally, the company expanded
its life sciences unit with the announcement of a $60 million
investment to expand its excipient, global polymer and contract
manufacturing plants. The new facilities are expected to provide a
flow through process for customers.
Lubrizol took the majority
Lubrizol India Private Ltd., its Indian joint venture with
Indian Oil Corp., in March 2017.
Lubrizol Corporation is broken down into two business segments,
Lubrizol Additives and
Lubrizol Advanced Materials.
Lubrizol Additives, the company supplies additives for
transportation, including additives for lubricating engine oils, fuels
and other chemicals, and industrial lubricants.
Lubrizol Advanced Materials
Lubrizol Advanced Materials creates and sells specialty materials and
chemicals used in consumer products for personal care, pharmaceutical
and food industries; specialty materials under the TempRite, Hycar and
Estane trademarks; and performance coatings under the trademarks
Hycar, Sancure, Algan, Performax and Myflam.
Lubrizol had operated
Lubrizol Oilfield Solutions, an oilfield
chemicals and drilling fluids business, following the 2014 acquisition
Weatherford International businesses. Bloomberg reported in
February 2017 that
Lubrizol eliminated the oilfield solutions business
Acquisitions and partnerships
Lubrizol has grown its business through a number of acquisitions and
partnerships in recent years. Among them:
Diamond Dispersions (2016), maker of water-based dye and pigment
Particle Sciences (2015), a drug developer
EcoQuimica (2015), maker of coatings
Chemicals (2015), produces stain-removal technologies
Alliance with Mitsui
Chemicals (2014) for
Lubrizol to sell and market
the Lucant polymer product line
Weatherford International's engineered chemistry and drilling fluids
Vesta (2014), maker of catheters and tubing
Lipotec (2012), a skin care products maker
Active Organics (2011), a specialty chemicals firm
Chemtool (2011), maker of custom-formulated greases
Merquinsa (2011), a maker of thermoplastic polyurethane
Nalco Company's Nalco Performance Products Group (2011), a personal
care and household care specialty polymers and formulation additives
Dow Chemical Co.'s thermoplastic polyurethane business (2008) 
Metalworking additives from Lockhart Chemical Co. (2007)
Noveon (2004), producer of industrial chemicals for packaging, paints
and textiles, as well as chemicals for personal-care products such as
lotions and shampoos
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^ Erman, Michael (14 March 2011). "Buffett bets on emerging markets
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^ a b Ramesh, Deepti (2 June 2016). "
Lubrizol names next CEO". IHS
Chemical Week. Retrieved 7 November 2016.
^ a b Scott, Mark (2017-08-01). "
Lubrizol uses chemistry to change the
world. Eric R. Schnur wants to take that to the next level". Smart
Business. Retrieved 2017-10-16.
^ a b "The
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^ Calvin H. Smalheer (1972). The Story of Lubrizol. Cleveland, Ohio:
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Enduring Value of Values. New York City: Columbia University Press.
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^ "Company news:
Lubrizol will buy Noveon for $920 million in cash".
The New York Times. 17 April 2004. Retrieved 1 November 2016.
^ a b Blumenthal, Karen (19 April 2004). "
Lubrizol agrees to buy
Noveon to broaden product offerings". The Wall Street Journal.
Retrieved 1 November 2016.
^ Jack W. Plunkett (2008). Plunkett's Chemicals,
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expanded offerings". Plastics News. Retrieved 15 November 2016.
^ "Wall Street down but resilient on Japan crisis". Herald Sun. The
Herald and Weekly Times. 2011-03-15. Retrieved 2011-03-14.
^ Thomas, Helen (14 March 2011). "
Berkshire Hathaway in $9bn Lubrizol
deal". Financial Times. Retrieved 1 November 2016.
^ "David Sokol: Timeline of His
Lubrizol Stock Purchases". The Wall
Street Journal. 30 March 2011.
Berkshire Hathaway closes on $9 billion deal for
Lubrizol Corp. of
Wickliffe". The Associated Press. 16 September 2011. Retrieved 15
^ a b c DeBenedetto, Paul (1 December 2014). "
Lubrizol to shell out
$825M for Weatherford businesses". Law360. Retrieved 1 November
^ a b Buhayar, Noah (27 February 2017). "Berkshire's
$365 million loss on oilfield business". Retrieved 1 March 2017.
^ a b Suttell, Scott (21 August 2013). "
Lubrizol opens big additives
plant in China". Crain Communications. Retrieved 16 October
^ McCafferty, Rachael (7 June 2017). "
Lubrizol Corp. is investing $60
million in its LifeSciences business". Crain's Cleveland Business.
Crain Publishing. Retrieved 16 October 2017.
Lubrizol Corp. to take majority stake in Indian joint venture".
Crain Communications. 21 March 2017. Retrieved 16 October 2017.
^ "Company overview of The
Lubrizol Corporation". Bloomberg. Retrieved
8 November 2016.
^ "Company overview of
Lubrizol Advanced Materials, Inc". Bloomberg.
Retrieved 8 November 2016.
Lubrizol Corp. agrees to buy oilfield chemicals, drilling fluids
businesses of Weatherford International". Crain Communications. 1
December 2014. Retrieved 8 November 2016.
Lubrizol acquires Diamond Dispersions".
Coatings World. 6 July
2016. Retrieved 8 November 2016.
^ Thayer, Ann M. (14 September 2015). "Particle Sciences goes to
Lubrizol". Chemical & Engineering News. Retrieved 8 November
Lubrizol acquires Brazilian coatings maker". Crain Communications.
13 February 2015. Retrieved 8 November 2016.
Lubrizol closes acquisition of Warwick Chemicals, Weatherford
businesses". Processing Magazine. 6 January 2015. Retrieved 8 November
Lubrizol announces Warwick
Chemicals acquisition, Mitsui Chemicals
alliance". Processing Magazine. 2 December 2014. Retrieved 8 November
^ Esposito, Frank (8 August 2014). "
Lubrizol buys medical extruder
Vesta". Plastics News. Retrieved 8 November 2016.
^ "Berkshire Hathaway's
Lubrizol buys Spanish firm Lipotec". The
Associated Press. 20 June 2012. Retrieved 8 November 2016.
^ Schaefer, Katie (13 December 2011). "
Lubrizol agrees to acquire
Active Organics". Cosmetics & Toiletries. Retrieved 8 November
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Lubrizol acquires specialty
chemicals firm Active Organics". Cosmeticsdesign.com. Retrieved 8
^ Suttell, Scott (9 November 2011). "
Lubrizol Corp. agrees to acquire
Chemtool Inc". Crain Communications. Retrieved 8 November 2016.
Lubrizol acquires Merquinsa creating a TPU titan". Plastics Today.
3 November 2011. Retrieved 8 November 2016.
^ Katie Schaefer (27 January 2011). "Lubrizol/Noveon acquires Nalco's
personal care business". Cosmetics & Toiletries. Retrieved 8
^ Katz, Jonathan (5 January 2009). "
Lubrizol acquires Dow
termoplastics unit". IndustryWeek. Retrieved 8 November 2016.
Lubrizol announces metalworking acquisition". Tribology &
Lubrication Technology. March 2007. Retrieved 8 November 2016.
Board of directors
Warren Buffett (
Chairman and CEO)
Howard Graham Buffett
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