Lubrizol Corp.'s pending purchase of Noveon Inc. will result in a change at the top for Noveon, a leading compounder, resin maker and specialty chemical producer in Brecksville, Ohio.
Donald Bogus, Lubrizol's current vice president of fluid technologies for industry, will replace Steve Demetriou when the deal is finalized. Demetriou has served as Noveon's president and chief executive officer since late 2000, when AEA Investors Inc. of New York bought Noveon from Goodrich Corp.
Bogus, age 57, joined Wickliffe, Ohio-based Lubrizol in 2000 after a lengthy career at PPG Industries Inc. of Pittsburgh.
Demetriou will leave the firm to pursue other opportunities, Lubrizol spokesman James Baldwin said. Baldwin declined to comment on reasons behind the management move, citing a ``quiet period'' surrounding a $400 million sale of new common stock that Lubrizol is planning to finance the $1.84 billion acquisition of Noveon. The stock sale is expected to take place later this year, while the Noveon deal should be finalized by the end of July.
Baldwin also said it is ``too early to tell'' if the deal will result in additional management changes.
Before the announcement, Noveon was planning an initial public offering for later in the year.
Lubrizol is a publicly traded supplier of specialty additives and lubricants, but has no existing plastics product lines. The firm posted sales of $2 billion in 2003 and employs more than 5,000 worldwide.
Noveon employs 2,800 at 27 sites globally. The company had sales of $1.1 billion last year, including specialty PVC, thermoplastic polyurethane and cross-linked polyethylene product lines.