Lubrizol and Mitsui Chemicals Enter Alliance Agreement
GlobeNewswire
The Lubrizol Corporation 29400 Lakeland Boulevard, Wickliffe, Ohio 44092-2298
Lubrizol and Mitsui Chemicals Enter Alliance Agreement
Lubrizol to gain exclusive sales and marketing for LUCANT(TM) technology
CLEVELAND and TOKYO - November 24, 2014 - The Lubrizol Corporation and Mitsui Chemicals, Inc. announce that they have entered into an alliance agreement making Lubrizol the exclusive worldwide seller and marketer of the LUCANT(TM) polymer product range to the lubricant industry. This agreement will maximize each company`s strengths and utilizes a joint development approach to new polymer R&D. LUCANT will be marketed as a viscosity modifier for lubricant applications as well as a synthetic base fluid component for lubricant formulations.
The addition of LUCANT significantly expands Lubrizol`s portfolio of performance polymers. Through Lubrizol`s extensive application knowledge and testing capabilities, Mitsui Chemicals expects to strengthen the appeal of LUCANT to the lubricant oil industry and better respond to individual customer needs by accelerating research and development efforts for new products and expanding applications.
The LUCANT technology portfolio consists of well-established viscosity modifiers primarily used for driveline and industrial applications, providing strong end-user benefits in multiple applications. The products are typically used based on their good balance of treat cost and performance, including good low temperature characteristics, high shear stability, high viscosity index and enhanced traction coefficient.
"Working with Lubrizol, we are confident we will be better positioned to support the growing LUCANT business generated by our customers," said Koichiro Sato, general manager, elastomers division functional polymeric materials business sector, Mitsui Chemicals. "Additionally, we believe that the combination of both our companies` individual strengths, expertise and capabilities will not only enable new product development, but will also allow us to bring solutions to the market faster."
"Mitsui Chemicals has a long history of polymer expertise and manufacturing excellence, and we are delighted to have entered into this exclusive agreement," said Karen Allen, Lubrizol global business manager for viscosity modifiers. "The addition of the LUCANT product line further expands our range of products and capabilities, and allows us another powerful formulating tool as we focus on delivering value and performance to our customers."
Lubrizol expects to begin supplying LUCANT products in the first quarter of 2015 and both Mitsui Chemicals and Lubrizol are committed to making the transition as seamless as possible for existing LUCANT customers.
Mitsui Chemicals will continue to offer LUCANT for applications outside of the lubricants industry (synthetic resin modifier), and focus on expanding applications and developing sales of its high-performance polymer.
About Mitsui Chemicals (Tokyo: 4183, ISIN: JP3888300005) Mitsui Chemicals` roots can be traced back to 1912 when it began producing raw material for chemical fertilizers from coal gas byproducts, the first company in Japan to do so. This undertaking significantly contributed to increasing agricultural productivity, a major social issue at the time. Later, the company evolved its technology from coal chemicals to gas chemicals, and in 1958 it built Japan`s first petrochemical complex and so provided impetus to Japan`s industrial sector. Today, the company boasts many world-class products with sales standing at 1.5 trillion yen and with over 135 companies in 27 countries. Its business portfolio includes environment-friendly materials for next-generation vehicles, healthcare services to realize health and happiness in an ageing society, packaging that ensures the reliability and safety of food products, agrochemicals that contribute to increased production of food, electronic materials, and environment-friendly materials for the energy sector.
Mitsui Chemicals will continue to contribute to solving social challenges with its state-of-the-art technology and by "Creating New Customer Value through Innovation". More information can be found at http://www.mitsuichem.com/index.htm
About The Lubrizol Corporation The Lubrizol Corporation, a Berkshire Hathaway company, is a technology-driven global company that combines complex, specialty chemicals to optimize the quality, performance and value of customers` products while reducing their environmental impact. It produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, driveline and other transportation-related fluids and industrial lubricants, as well as additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for home care and personal care products and pharmaceuticals, and specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives.
With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 7,500 employees worldwide. Revenues for 2013 were $6.4 billion. For more information, visit www.lubrizol.com.
Media Contacts
Kumiko Tahara or Yuuri Matsunaga Mitsui Chemicals, Inc. Corporate Communications Division +81-3-6253-2100 Website: http://www.mitsuichem.com/
Becky Lamb The Lubrizol Corporation +1 440-347-5152 Website: www.lubrizol.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Lubrizol via GlobeNewswire HUG#1872254
