CLEVELAND, OH — The Lubrizol Corp. has signed an agreement for the sale of its Engine Control Systems (ECS) business to CapitalWorks, an equity firm based in Cleveland, OH. Grace Matthews, Inc. advised Lubrizol on the transaction. ECS has facilities located in Canada, the U.S. and Sweden.
This is Lubrizol’s third divestiture since it announced its intent in July 2005 to market non-core businesses with combined revenues of $500 million. ECS, with current annual sales of approximately $24 million, was part of Lubrizol’s services and equipment product line in the Lubricant Additives segment. Terms of the combination stock and asset sale were not disclosed.
ECS designs and manufacturers exhaust after-treatment performance systems that significantly reduce harmful emissions in mining, materials handling and off-road vehicles and equipment, in stationary engines, and in truck and bus fleets. Products are sold as original equipment to diesel engine manufacturers or as retrofit devices for older diesel vehicles and equipment.
Steve Kirk, president of Lubrizol Additives, said, “Lubrizol is very pleased that ECS will remain intact and continue to function in its current form. CapitalWorks appreciates ECS’s pioneering technology in emissions control after-treatment devices that promote cleaner air. The domestic and international growth potential in this emerging market area, coupled with ECS’s strong management team, made this acquisition very attractive to CapitalWorks.”
For more information about Lubrizol, visit: www.lubrizol.com.
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