CLEVELAND—The Lubrizol Corp. 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—the research and development division of Lipotec, specializing in new active compounds in the field of cosmetics and dermatology—and Lipofoods—developer and manufacturer functional health ingredients for the food and beverage industry. 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. Earlier this year, Lubrizol acquired Active Organics.
"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."
Jose Maria Garcia Anton, Lipotec president, said: "This agreement opens new and exciting doors for Lipotec, not only in terms of growing the company's business but also the potential to provide career opportunities to Lipotec employees. Both companies have complementary portfolios, which allow us to leverage our combined technologies, offering innovative solutions to our global customers."
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.
