03 November 2011 15:07 [Source: ICIS news]
LONDON (ICIS)--Lubrizol has signed an agreement to purchase Spain-based thermoplastic polyurethane (TPU) producer Merquinsa for an undisclosed fee, the US-based global specialty chemicals producer said on Thursday.
The transaction, which Lubrizol hopes will expand its Engineered Polymers business, is expected to close by the end of 2011, subject to certain conditions.
"We are excited to be adding Merquinsa's capabilities and products to our Engineered Polymers business,” said Lubrizol vice-president Rocco Mango.
“Merquinsa's strong global brand recognition, along with its solid track record of profitable growth, broadens our product portfolio, increases our global reach and strengthens our manufacturing capabilities," he added.
Family-owned business Merquinsa, which is headquartered in Barcelona, has decided to focus on the non-chemical segments of its product portfolio following the transaction.
"I believe this acquisition will benefit our talented workforce, as well as our customers, with increased investment from Lubrizol in new and enhanced technologies, products and services," said Merquinsa president Jose Luis Ayuso.
Once the acquisition closes, all Merquinsa products will be integrated with Lubrizol.
In September 2011, Lubrizol was acquired by US-based Berkshire Hathaway in an all-cash transaction worth about $9.7bn (€7.1bn).
($1 = €0.73)
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