The Lubrizol Corporation announced yesterday (1 May) that it has completed the sale of its food ingredients and industrial specialities business to an affiliate of private investment firm Sun Capital. Cash proceeds from the transaction were US$270m, before working capital adjustments.

The business, which was formerly part of Lubrizol’s speciality chemicals segment, will be renamed Emerald Performance Materials. It consists of a fine chemicals group, a speciality polymers and additives unit and a performance materials segment.