The Lubrizol Corporation has completed the sale of its food ingredients and industrial specialties businesses to an affiliate of Sun Capital Partners, Inc., a private investment firm with headquarters in Boca Raton, FL. Cash proceeds of the transaction were $270 million.
On March 17, Lubrizol announced that it had entered into a definitive agreement to sell the business to Sun Capital. The business consists of a fine chemicals group, a specialty polymers and additives group and a performance materials group. It previously reported into the Noveon Specialty Chemicals segment and will be renamed Emerald Performance Materials, LLC.