By Scott Suttell, Crain's Cleveland Business
Speciality chemicals maker Lubrizol Corp. of Wickliffe, Ohio, said it has agreed to buy a Spanish producer of speciality thermoplastic polyurethanes.
Lubrizol said the acquisition of Merquinsa, based in Barcelona, will expand its engineered polymers business and strengthen its ability to meet the needs of global customers.
Terms of the agreement were not disclosed. The transaction is expected to close by the end of 2011, subject to customary closing conditions, Lubrizol said.
Merquinsa products are used by companies in the automotive, sports and leisure, furniture and textile coatings markets.
Rocco Mango, Lubrizol vice president and general manager of its Estane Engineered Polymers unit, said 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."
Merquinsa, founded in 1964, is a family-owned business. With this transaction, the owners have decided to focus on the non-chemical segments of their product portfolio, Lubrizol said.
"I believe this acquisition will benefit our talented work force, as well as our customers, with increased investment from Lubrizol in new and enhanced technologies, products and services," said Jose Luis Ayuso, Merquinsa president, in a 3 Nov statement.
Lubrizol will add about 100 Merquinsa employees in the deal. Once the transaction closes, all Merquinsa products will be integrated with Lubrizol, combining the product offerings under the Lubrizol engineered polymers business.
Lubrizol is a part of Berkshire Hathaway Inc.