Sun Capital buys out polymer & performance materials BU
03 May '06
2 min read
Private investment firm Sun Capital Partners Inc announced that it has acquired from The Lubrizol Corporation (LZ) certain polymer and performance materials businesses that serve niche consumer and industrial end-market applications and has formed a new company called Emerald Performance Materials (Emerald).
Emerald's broad product range is used in food and beverage, personal care, textiles, paper, tires and industrial rubber, adhesives, and diverse other applications. Included in the sale are six manufacturing sites located in Illinois, North Carolina, Ohio, Washington, and Wyoming, with approximately 625 employees. Emerald plans to establish its headquarters in Northeast Ohio. Terms of the transaction were not disclosed.
Tom Holleran, President and CEO of Emerald Performance Materials stated, "In the past, our team has been passionately focused on our businesses as part of a very fine larger corporation.”
“We believe that by operating as a stand-alone company, together with the world-class financial and operating expertise of Sun Capital Partners, Inc., we will be well positioned to capitalize fully on a wide range of new growth opportunities. We are truly excited about our future as Emerald Performance Materials."
Christopher H Thomas, Vice President, Sun Capital, added, "Emerald is the market leader in numerous product segments.”
“We look forward to working with Emerald's experienced management team and dedicated employees toassist in their efforts to grow the Company's market position by providing consistently high quality products, excellent customer responsiveness, and unique product customization to its diverse client base. "
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