The Lubrizol Corporation (NYSE LZ) announced today that it has signed an agreement for the sale of its Enfine control Systems (ECS) business, with facilities located in Canada, the U.S. and Sweden, to CapitalWorks, an equity firm based in Cleveland, Ohio. Grace Matthews, Inc. advised Lubrizol on the transaction.
This is Lubrizol’s third divestiture since it announced its intent in July to market non-core businesses with combined revenues of $500 million. ECS, with current annual sales of approximately $24 million, was part of Lubrizol’s services and equipment product line in the Lubricant Additives segment. Terms of the combination stock and assets sale were not disclosed.