Lubrizol Acquires CPI Engineering Services, Inc.
CLEVELAND, Dec. 16 /PRNewswire/ -- The Lubrizol Corporation (NYSE NYSE
See: New York Stock Exchange : LZ) announced today that it has acquired CPI Engineering Services, Inc. headquartered in Midland, Michigan. CPI is a formulator of specialty synthetic lubricants used by original equipment manufacturers in air and refrigeration compressors. CPI had sales in 1996 of approximately $20 million and has grown at an average rate in excess of 20% per year since 1991.
Lubrizol will operate CPI as a separately incorporated subsidiary and will merge its own synthetic refrigerant lubricants business with sales of approximately $5 million into CPI. Lubrizol will continue to maintain its substantial patent holdings for these synthetic products and will make technology available by license to other companies.
W. G. Bares, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commenting on the acquisition said, "CPI brings to Lubrizol expanded capabilities and a new channel for supply of our specialty synthetic refrigerant lubricants to compressor equipment manufacturers. We believe the excellent service capabilities of CPI will allow us to accelerate the sales growth of these products, and we will also gain operational efficiencies by combining our existing businesses. We expect the acquisition to be accretive to earnings in 1997 and anticipate that it will contribute attractive growth to future sales and earnings."
The Lubrizol Corporation is a worldwide supplier of performance chemicals for lubricants, fuels and other specialty markets.
SOURCE Lubrizol Corporation
/CONTACT: G. D. Taylor of Lubrizol, 216-943-4200, Ext. 5387/
CO: Lubrizol Corporation; CPI Engineering Services, Inc. ST: Ohio IN: CHM chm - Compiled HTML SU: TNM TNM tumor-nodes-metastasis; see under staging.
tumor, nodes and metastases; a system of cancer staging (see TNM staging).
LA-CS -- CLM004 -- 7407 12/16/96 08:56 EST http://www.prnewswire.com