The 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
Wickliffe, Ohio . The company generated $7 billion in revenue in
2015 and has an employee headcount of 9,000 people globally. Eric R.
Schnur is the current president , chairman and
* 1 History
* 2 Operations
Lubrizol Advanced Materials
* 3 Acquisitions and partnerships
* 4 References
* 5 External links
Lubrizol Corporation was founded in 1928 as The Graphite Oil
Products Company in
Cleveland, Ohio , by father Frank A. Nason and son
Francis A. "Alex" Nason, Thomas W. James and brothers Kent H. Smith,
Vincent K. Smith and A. Kelvin Smith. The company's first product
was a graphite lubricant and applicator for early automobiles. In
1929, the company changed its name to The Lubri-Graph Corporation. It
Wickliffe, Ohio in 1931. In 1934, Lubri-Graph changed its
name to The Lubri-Zol Corporation. The name changed to
The company went public on the
New York Stock Exchange in the 1960s.
Toward the end of that decade,
Lubrizol focused on developing products
to help make cars cleaner and more fuel efficient. During the 1980s,
the company created new additives for passenger motor oils, gear oils,
hydraulic fluids and viscosity modifiers , while also eyeing
biotechnology , agribusiness and specialty chemicals for other
applications to expand beyond the transportation field.
Lubrizol acquired Noveon International in 2004 for US$ 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,
Lubrizol Advanced 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 markets.
Berkshire Hathaway announced on March 14th 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
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
Lubrizol Oilfield Solutions.
The company announced that it eliminated
Lubrizol Oilfield Operations
business segment in February 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
The company continued to expand its life sciences unit with the
announcement of a $60 million investment which will expand its
excipient, global polymer and contract manufacturing plants. The new
facilities, which will be operational at the end of 2017, will provide
a flow through process for customers.
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 businesses (2014)
* 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
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
* ^ A B "Top workplaces".
The Plain Dealer . 2016. Retrieved 8
* ^ Erman, Michael (14 March 2011). "Buffett bets on emerging
Reuters . Retrieved 8 November 2016.
* ^ A B C Ramesh, Deepti (2 June 2016). "
Lubrizol names next CEO".
IHS Chemical Week. Retrieved 7 November 2016.
* ^ Calvin H. Smalheer (1972). The Story of Lubrizol. Cleveland,
Ohio : The
Lubrizol Corporation. pp. 3–10.
OCLC 622939 .
access-date= requires url= (help )
* ^ A B C D E Trotman, Andrew (14 March 2011). "Who are Lubrizol?".
The Daily Telegraph
The Daily Telegraph .
* ^ "
Lubrizol Corp. - The Encyclopedia of Cleveland History".
Encyclopedia of Cleveland History. Retrieved 1 November 2016.
* ^ Lawrence A. Cunningham (2014). Berkshire Beyond Buffett: The
Enduring Value of Values.
New York City
New York City :
Columbia University Press
Columbia University Press .
p. 128. ISBN 9780231538695 .
* ^ "Company news:
Lubrizol will buy Noveon for $920 million in
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
The Wall Street Journal .
Retrieved 1 November 2016.
* ^ Jack W. Plunkett (2008). Plunkett's Chemicals,
Plastics Industry Almanac 2009. Plunkett Research. ISBN 9781593924652
* ^ Putrich, Gayle S. (24 February 2016). "Acquisitions lead
Lubrizol to expanded offerings". Plastics News. Retrieved 15 November
* ^ "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
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
The Associated Press . 16 September 2011.
Retrieved 15 November 2016.
* ^ 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 Lubrizol
took $365 million loss on oilfield business". Retrieved 1 March 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.
* ^ McCafferty, Rachael (7 June 2017). "
Lubrizol Corp. is investing
$60 million in its LifeSciences business". Crain's Cleveland Business.
Crain Publishing. Retrieved 13 June 2017.
* ^ "
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 2016.
* ^ "
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
* ^ 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 2016.
* ^ Pooja Kondhia (13 December 2011). "
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
* ^ "
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.