The Lubrizol, a specialty chemical company, has entered into an agreement to acquire Spain-based Lipotec, a developer of personal care ingredients.
Under the agreement, Lipotec will take over cosmetic active ingredients business and its subsidiaries, Diverdrugs and Lipofoods.
The transaction, which is expected to close within 60 days and is subject to normal closing conditions, Lipotec will become a part of Lubrizol Advanced Materials, with Lipotec, Diverdrugs and Lipofoods retaining their respective names.
The financial terms of the agreement have been kept confidential.
Lubrizol vice president and personal and home care general manager Rick Tolin said, "This acquisition follows our 2011 acquisitions of Nalco's conditioning polymer business and Active Organics botanical extracts and natural performance ingredients."
Lubrizol produces 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.
Lipotec has a business in biotechnology ingredients for personal care in addition to peptides and delivery systems.
Deloitte Corporate Finance in Spain and Deloitte Abogados served as exclusive financial and legal transaction advisors to Lipotec.
