Wickliffe, OH-based Lubrizol Corp. will purchase Cleveland-based Noveon International, Inc., for $1.84 billion. The proposed acquisition has been approved by the boards of both companies, and is subject to regulatory approval. Executives expect the deal to close within three months.
Through the transaction, Noveon will become a wholly-owned subsidiary of Lubrizol. The addition of Noveon to Lubrizol will create combined annual revenues of approximately $3.2 billion, according to executives.