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| Friday, 5 October 2012, 05:45 HKT/SGT | |
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Source: Lubrizol | |
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CLEVELAND, Ohio, Oct 5, 2012 - (ACN Newswire) - The Lubrizol Corporation announces today it intends to build a resin and compounding manufacturing facility in Deer Park, TX. The additional capacity will serve Lubrizol building and construction customers on a global basis. The new plant will require a total investment of approximately $125 million over a three-year period.
- Build new resin and compounding facility in Texas
- First step in CPVC multi-phase expansion plan
- Ensures product availability and quality for global customers
Lubrizol projects continued strong global growth in its CPVC business, with particularly strong demand in India and other developing economies. To provide ongoing support to its global customers in achieving their business success, the company is launching a multi-phased CPVC capacity expansion plan beginning with a new resin and compounding facility in Texas.
Lubrizol evaluated several options for the plan's first phase and determined that the most efficient and effective next step is to build a new plant located adjacent to Lubrizol's existing Deer Park additives facility, leveraging current Lubrizol infrastructure and expertise. Additional site benefits include its close proximity to the Gulf shipping channel and direct access to pipeline chlorine. The world class facility is expected to be operational by fourth quarter 2014 and is designed to complement the company's existing CPVC manufacturing facilities.
Commenting on the expansion plan, Eric Schnur, president of Lubrizol Advanced Materials said, "By expanding our manufacturing footprint, we are ensuring future technology requirements are met and our responses to changes in demand are well managed. With this additional capacity, we will be in a much stronger position to better serve the needs of our existing and future customers globally."
Lubrizol is recognized as a global leader in reliability, quality and providing cost-effective solutions for its customers' high-performance application needs and remains committed to ongoing investment in its CPVC capabilities that support future growth, in particular meeting the increased demand in South Asia and Latin America. The company is dedicated to providing its customers with the highest quality piping product through its insistence on using only the best raw materials and strictly managing the resin and compound manufacturing processes.
Lubrizol's advanced polymer technology delivers exceptional performance for the plumbing, fire sprinkler, industrial and other building and construction related applications. The combination of Lubrizol's industry leading position in key global markets and its planned capacity expansion allows the company to better support its customers' growth with its FlowGuard(R), BlazeMaster(R), Corzan(R), and TempRite(R) brands.
About The Lubrizol Corporation
The Lubrizol Corporation, a Berkshire Hathaway company, is an innovative specialty chemical company that produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Lubrizol's industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers' products, while reducing their environmental impact.
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 .
Media Contact
Julie Young
+1-440/347-4432
Website: www.lubrizol.com
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Lubrizol via Thomson Reuters ONE
Topic: Press release summary
Source: Lubrizol
http://www.acnnewswire.com
From the Asia Corporate News Network
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