6 September 2007
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Croda agrees £62m sale of Refrigeration Lubricants to Lubrizol
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CRODA has announced it will sell its Refrigeration Lubricants business to the Lubrizol Corporation for £62m, a year after buying it.
Croda acquired the refrigeration lubricants business as part of the Uniqema acquisition from Imperial Chemical Industries in 2006.
The sale includes the Croda polyol ester and alkyl benzene refrigeration lubricant technology, Emkarate and Icematic brand names, customer lists and intellectual property. No manufacturing facilities are included in the transaction.
'This transaction represents an excellent opportunity for both Croda and Lubrizol to drive growth in their targeted market areas,' said Richard Butler, Croda Global VP Lubricants.
The firm said the acquisition is expected to close early in the fourth quarter 2007. It also admitted a small number of Croda employees would join Lubrizol after the closing.
Established in 1925, Croda is a leading speciality chemical company. Its global headquarters are based in East Yorkshire but Croda International employs 4,000 people around the world.