Cleveland, OH-based Lubrizol Corp. is selling its Engine Control Systems (ECS) business, with facilities located in Canada, the U.S. and Sweden, to CapitalWorks, an equity firm also based in Cleveland.
This is Lubrizol’s third divestiture since it announced its intent in July to market non-core businesses. 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 asset sale were not disclosed.
ECS designs and manufacturers exhaust aftertreatment performance systems that reduce harmful emissions in mining, materials handling and off-road vehicles and equipment, in stationary engines, and in truck and bus fleets. Products are sold as original equipment to diesel engine manufacturers or as retrofit devices for older diesel vehicles and equipment, said Steve Kirk, president of Lubrizol Additives.