Lubrizol history

September 10, 1929: Lubrizol's first product, a graphited lubricant and applicator marketed under the Lubri-Graph name, is a success.

August 29, 1931: The Lubri-Graph Corporation moves to the Cleveland suburb of Wickliffe, Ohio.

In 1942 the company decided to abandon the manufacture of oils and lubricants, and to concentrate solely on petroleum additives such as oxidation inhibiters, detergents, and chemicals to reduce oil breakdown at high temperatures.

In the 1950’s the company made its first acquisition, the R.O. Hull Company, which made rust-proofing chemicals.

Between 1951-62, Lubrizol subsidiaries in 5 foreign countries established their own production facilities.

July 15, 1957: With the acquisition of International Rustproof Corporation, a producer of metal coatings, Lubrizol gains significant technical expertise in coatings technology-expertise that will increase over the years through numerous research and development initiatives.

In the 1960’s Lubrizol continued to watch its revenues steadily increase.

Upper management is also saturated with chemists, although in the 1970’s a prominent lawyer joined their ranks.

Smalheer, Calvin V. Additives: The Story of Lubrizol (1972).

He had joined the company out of college in 1978 and had served as vice-president of Asia-Pacific operations.

Its first new purchase (1979) was the Althus Corporation, a maker of lithium batteries.

In the early 1980’s Lubrizol purchased a biotechnology company which uses recombinant DNA for medical uses.

By 1987 Lubrizol’s revenues had surpassed the $1 billion mark for the first time.

Salwen, Kevin G., “Lubrizol, Already Industry Leader, Gets Raves Even As It’s Positioned to Solidify Attractions,” Wall Street Journal, October 26, 1988.

In June 1991 Lubrizol signed a letter of intent to purchase Amoco Chemical Co.’s petroleum additives unit, but the bid fell through after regulators raised antitrust objections.

Lubrizol posted revenues in excess of $1.5 billion for the first time in 1992, but growth soon stagnated because of slackening demand for additives and increasing competition.

In 1995 the corporation had 29 subsidiaries, annual sales of $1.6 billion, and a net income of $176 million.

Kovski, Alan, “Additives Business Consolidates As Firms Wrestle with Costs,” Oil Daily, July 15, 1998.

In 1999, researchers at Lubrizol dedveloped a product called PuriNox, a diesel fuel designed to reduce emissions from heavy machinery, such as buses and construction equipment, by as much as 50 percent.

In 2000 Lubrizol acquired the metalworking additives business of Alox Corporation, then early the following year bought ROSS Chem, Inc., a maker of antifoam and defoaming agents for the coatings, inks, textile, food, and metalworking industries.

An investor group had acquired the performance materials business of Goodrich in 2001.

Among the several acquisitions in 2002 were Brose Chemical Company and Kabo Unlimited, Inc., both makers of foam-control chemicals, and Chemron Corporation, producer of specialty surfactants used in personal care products, industrial cleaners, and a wide variety of other products.

Expected to operate as a wholly-owned subsidiary of Lubrizol, architects of the deal expected it would add nearly $1.2 billion in annual revenues to Lubrizol's annual sales, which were just over $2 billion in 2003.

Nonetheless, Lubrizol's revenues for 2005 surged past $4 billion, while net income amounted to $189.3 million.

The divestments, completed by May 2006, represented operations that had generated annual sales of $500 million.

July 31, 2008: The Lubrizol Corporation celebrates its 80th anniversary.

Sep 16, 2011: Berkshire Hathaway Inc. and The Lubrizol Corporation announce completion of the acquisition of Lubrizol.

August 20, 2013: Lubrizol opens a world-class additives manufacturing facility in Zhuhai, Guangdong, China.

In 2014, Lubrizol adds a third business segment.

Lubrizol decides to reduce the scope of the oilfield business and wind down the Oilfield Solutions segment in 2017.

"Lubrizol Corporation ." International Directory of Company Histories. . Retrieved June 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/lubrizol-corporation-1