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The specialty chemical company announced the purchase of a thermoplastic polyurethane business segment from The Dow Chemical Co. in Midland, Mich.
The deal, which closed Wednesday, was structured as a purchase of assets, according to a Lubrizol news release. In 2007, Dow's La Porte, Texas-based TPU business earned $85 million in revenue.
Officials said the purchase would bolster Lubrizol's Estane Engineered Polymers business. Under the Estane Thermoplastic Polyurethane brand name, Lubrizol markets engineered thermoplastic elastomers that are used for film extrusion, tubing, cable jacketing and injection molding. The products are also used in textile, optical and agricultural applications.
"Given Dow's strong TPU brand recognition in the U.S., this addition further supports our strategy of growth through geographic expansion," Lubrizol Estane Vice President Mike Vaughn said, "as it will allow us to introduce new products and technology to international markets where Dow's TPU business has had little penetration."
Lubrizol will employ 40 full-time workers who were at Dow. The purchase gives Lubrizol all commercial production and research and development assets of Dow's TPU segment.
"The acquisition continues to strengthen and expand our product portfolio," Vaughn said, "and provides us access into new end uses, such as niche medical applications, which we believe will benefit our customers worldwide."
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