Lubrizol has entered into an agreement to acquire US-based Chemtool, a manufacturer and supplier of formulated greases to the lubricant industry.
The acquisition is anticipated to expand the Lubrizol Additives Custom Solutions business.
Lubrizol chairman president and CEO James Hambrick said they believe the integration of Lubrizol's expertise in additive technology with Chemtool's knowledge in manufacturing grease will lead to diverse product offerings for global customers.
Following acquisition, Chemtool will continue to operate independently, retaining the Chemtool name.
The transaction, which is subject to regulatory approvals, will close in Q4, 2011.
