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|Lubrizol Signs Agreement to Acquire Lipotec|
Supports company's strategy to enhance its personal care portfolio
CLEVELAND, June 20, 2012 - The Lubrizol Corporation announces that it has signed an agreement to purchase Lipotec SA, a leader in the development, manufacturing and sale of personal care ingredients based on three core technologies: peptide-based active cosmetic ingredients, delivery systems and biotechnology products. The purchase includes Lipotec's cosmetic active ingredients business and its subsidiaries, Diverdrugs and Lipofoods. This acquisition complements Lubrizol's global personal care ingredients business, strengthening its offering of high-performance technology solutions to marketers of formulated skin care products.
Founded in 1987 and headquartered in Barcelona, Spain, Lipotec, part of Lipotec Group, is a leading global supplier of cosmetic peptides, a key performance ingredient in skin care products. In addition to peptides and delivery systems, Lipotec has a growing business in biotechnology ingredients for personal care. Recognized Lipotec brands include Argireline®, Snap 8, Antarcticine® and Eyeseryl®.
Diverdrugs is the research and development division of Lipotec, specializing in new active compounds in the field of cosmetics and dermatology. Lipofoods develops and manufactures functional health ingredients for the food and beverage industry. The current owners of Lipotec Group will continue their activities in the pharmaceutical and cosmetic finished goods segments through BCN Peptides, GP Pharm and Prima-Derm which are not part of this transaction.
"This acquisition follows our 2011 acquisitions of Nalco's conditioning polymer business and Active Organics botanical extracts and natural performance ingredients," commented Rick Tolin, Lubrizol vice president and general manager, personal and home care. "Adding Lipotec further illustrates our commitment to providing a broad product portfolio, new technology and applications expertise that enhance Lubrizol's ability to make customers successful through expanded access to innovative ingredients."
Lipotec has a strong history of innovation and focuses on high-performance applications in skin care that include anti-aging, anti-wrinkle, sensitive skin protection and moisturizing. This innovation is exemplified by Argireline, one of the most successful active ingredients ever launched in the cosmetic market. The company serves an international portfolio of customers in more than 45 countries, from multinational corporations to regional leaders.
Once the transaction closes, Lipotec will become a part of Lubrizol Advanced Materials, with Lipotec, Diverdrugs and Lipofoods retaining their respective names. Financial terms of the agreement were not disclosed. The transaction is expected to close within 60 days, subject to normal closing conditions. Deloitte Corporate Finance in Spain and Deloitte Abogados served as exclusive financial and legal transaction advisors to Lipotec.
About The Lubrizol Corporation
With headquarters in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 7,000 employees worldwide. Revenues for 2011 were $6.1 billion. For more information, visit www.lubrizol.com.
About Lipotec SA
The thorough updating of the company's know-how platforms, molecular cosmetics and delivery systems, together with the heavy investment in advanced techniques (combinatorial chemistry, molecular modelling, functional genomics, high throughput screening, solid phase peptide synthesis and recently biotechnological methods) and the direct access to state-of-the art technology, helps Lipotec to develop a full range of active ingredients, as well as enter into new cosmetic applications fields, such as cosmetotextiles and nutricosmetics.
Lipotec presents to the cosmetic industry all its innovations through six product families (Aimtec(TM), Biointec(TM), Vectortec(TM), µFilmtec(TM), Insidetec(TM) and Quiotec(TM)) which provide the market an unlimited range of innovative active ingredients.
Headquartered in Gavà, Barcelona (Spain), the company has a strong presence worldwide through a well-connected network of distributors and its own subsidiaries in the United States, France, Germany, Italy, Singapore and Australia. For more information, visit www.lipotec.com.