Monday, chemical company Lubrizol Corp. (LZ) said it acquired thermoplastic polyurethane or TPU business from The Dow Chemical Company for undisclosed terms. The company stated that the deal, which was structured as a sale and purchase of assets, closed on December 31, 2008.
The transaction includes all commercial, production and research and development assets of the Dow TPU business. Lubrizol will be assuming approximately 40 full-time employees. All Dow TPU products will be transitioned immediately to Lubrizol. The Dow brand names will be retained and unified under the Estane Engineered Polymers business. The two key brands of Dow's TPU product line are Pellethane and Isoplast.
Lubrizol revealed that Dow was exiting its TPU business due to a refocus on investment priorities and the lack of a strategic fit. Lubrizol also said that the acquisition ensures that Dow's existing customers will continue to be supplied with the products.
LZ closed Friday's trading session at $37.67 on the NYSE.
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