Lubrizol Corp has signed an agreement for the sale of its engine control systems (ECS) business with facilities located in the United States, Canada, and Sweden, to CapitalWorks, an equity firm based in Cleveland OH.
ECS designs and manufacturers exhaust aftertreatment performance systems that reduce harmful emissions in various industries, including truck fleets. Products are sold as original equipment to diesel engine manufacturers or as retrofit devices for older diesel vehicles and equipment.
The closing is anticipated to take place by year end.
Lubrizol said this sale is the company'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.