Abstract
IN A MOVE TO ACCELERATE DIVERSIFICATION beyond its traditional slow-growth lubricant additives business, Lubrizol has agreed to acquire Noveon and its portfolio of higher growth specialty chemical businesses for $1.84 billion. When the deal closes in about three months, subject to regulatory approvals, it will create a $3.2 billion company with sales evenly split between fuel and lubricant additives and specialty chemical additives. The deal was signed just a few days before Noveon's management was to go on the road to promote the company's initial public offering. Though Lubrizol wanted to acquire Noveon for about a year, discussions heated up after Noveon filed offering documents with the Securities & Exchange Commission at the end of February, says Steven J. Demetriou, Noveon's CEO. Noveon managers and a group of private investors—AEA Investors, DLJ Merchant Banking Partners, and MidOcean Capital Investors—contributed $352 million in equity when they acquired the firm, formerly BFGoodrich Performance...
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