Lubrizol Acquires Additives Business from BP

The Lubrizol Corporation (Wickliffe, OH) and BP Chemicals (London, England) this week signed a definitive agreement for Lubrizol to acquire the Adibis lubricant and fuel additives business of BP for an undisclosed price. The companies expect to complete the transaction in July, subject to governmental approvals.

Adibis, headquartered in the United Kingdom, reported sales of approximately $150 million in 1997. The company also has operations in the Denmark, Australia and South Africa.

Lubrizol will integrate the Adibis business into its operations over several years and will continue to supply Adibis customers with existing products and technologies. BP Chemicals will supply components and additive packages to Lubrizol from their site at Hull, England, under a two-year manufacturing agreement.

"Adibis will bring to Lubrizol complementary patented technology, unique lubricant additive components and a larger market position in fuel additives, which is an area Lubrizol has targeted for growth," said W. G. Bares, Lubrizol chairman, president and chief executive officer.

The Lubrizol Corporation supplies performance chemicals for lubricants, fuels and other specialty markets.

Edited by Beth Brindle