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Thursday, 23 April 2015, 07:00 HKT/SGT

Source: Lubrizol
Lubrizol To Expand Painesville Township Plant
- Enhances site as a key element in Lubrizol Additives' global supply chain
- Investment of approximately $100 million expected in five phases

CLEVELAND, Ohio, Apr 23, 2015 - (ACN Newswire) - The Lubrizol Corporation announces a five-year expansion project at the company's Painesville Township, Ohio facility which will increase capacity and improve site infrastructure. The expansion, which is estimated to be complete by 2020, will support changing customer needs as well as position the Painesville Township manufacturing facility to be successful as a provider of key specialty products and services for Lubrizol now and into the future.

The expansion investment is estimated at $100 million, and includes the addition of new manufacturing capacity, updated automated packaging capabilities, increasing of warehouse space, and improvement of staging and loading of truck shipments. The expansion will include state-of-the-art bulk transfer technology which is important to ensure product integrity, and is expected to reduce in-plant traffic and congestion. Additionally, it will improve the safety and efficiency of handling product drums and totes.

"The Painesville Township community has been a supportive partner of Lubrizol since we began our operations there in 1956 and we are pleased to further reinvest and expand at the location," stated Craig Hupp, Lubrizol Painesville plant manager. "Through this important initiative, we will be better positioned to meet the changing demands of our customers, ensure the integrity and quality of our products, reinforce personal and environmental safety and attract the workforce talent that is required to run our operations."

Through a collaborative effort with Lake County Port Authority, Painesville Township and Lake County Commissioners, Lubrizol obtained beneficial tax incentives, which were instrumental in the company's decision to proceed with the expansion. Additionally, through a grant from JobsOhio and refundable job creation tax credits from the state, Lubrizol expects to add approximately 25 new jobs at the facility which currently employs more than 300 full-time employees.

A groundbreaking ceremony was held at the plant earlier today. In attendance were Lake County Commissioners, Kevin Malacek, Judy Moran and Dan Troy; Painesville Township Trustees, Gabe Cicconetti, Chuck Hillier, Joshua Pennock and Mike Manary; Mark Rantala, Lake County Port Authority; Jason Dunkle, JobsOhio; Walt Good, Team NEO; Dave Fries, Lubrizol Additives director of manufacturing for the Americas; Craig Hupp, Lubrizol Painesville Township plant manager; Mark Sutherland, Lubrizol corporate vice president of global communications and public affairs; Mike Vaughn, Lubrizol corporate vice president, operations; and various other members of the Painesville Township community and Lubrizol organization.

About The Lubrizol Corporation

The Lubrizol Corporation, a Berkshire Hathaway company, is a technology-driven global company that combines complex, specialty chemicals to optimize the quality, performance and value of customers' products while reducing their environmental impact. It produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, driveline and other transportation-related fluids, industrial lubricants, as well as additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for home care and personal care products and pharmaceuticals, and specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Our products for the oilfield market include technologies for exploration, production and transportation.

With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 8,000 employees worldwide. Revenues for 2014 were $7 billion. For more information, visit www.Lubrizol.com.

Media Contact
Maureen Morreale
Website: www.lubrizol.com

Lubrizol Groundbreaking Photo: https://hugin.info/143680/I/1913703/76792.jpg
From left to right: Dave Fries, Mark Rantala, Judy Moran, Walt Good, Kevin Malacek, Dan Troy, Mike Vaughn, Jason Dunkle, Gabe Cicconetti, Joshua Pennock, Chuck Hillier, Mike Manary and Craig Hupp


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Crawford & Company via Globenewswire

Topic: Press release summary

From the Asia Corporate News Network

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