Exhibit 99.1
THE LUBRIZOL CORPORATION
29400 Lakeland Boulevard, Wickliffe, Ohio 44092-2298
News Release
FOR RELEASE: Immediately
FROM: FINANCIAL/INVESTOR CONTACT MEDIA CONTACT
Joanne Wanstreet James S. Baldwin
440/347-1252 440/347-1838
WEB SITE: HTTP://WWW.LUBRIZOL.COM
DOMINIC J. PILEGGI APPOINTED TO LUBRIZOL BOARD
CLEVELAND, Ohio, February 21, 2005 - The Lubrizol Corporation (NYSE: LZ)
announced at today's meeting of the Board of Directors that Dominic J. Pileggi
was appointed to fill a vacancy on the Board.
Mr. Pileggi is President and Chief Executive Officer of the Thomas & Betts
Corporation, (NYSE: TNB) a $1.5 billion leading designer and manufacturer of
electrical connectors and components used in industrial, commercial,
communications and utility markets. The company is also a leading producer of
commercial heating units and highly engineered steel structures used, among
other things, for utility transmission. Headquartered in Memphis, Tennessee,
Thomas & Betts has manufacturing, distribution and office facilities worldwide.
Mr. Pileggi began his career at Thomas & Betts in 1979 as a sales
representative and progressed steadily through a variety of management positions
until being named president of the company's largest business, Electrical
Products, in 1994. Mr. Pileggi briefly left Thomas & Betts from 1995 to 2000,
during which time he held senior executive positions at Casco Plastic, Inc.,
Jordan Telecommunications and Viasystems Group. Mr. Pileggi returned to Thomas &
Betts in October 2000 as President, Electrical Products, to help lead the
company's turnaround and was named President and Chief Operating Officer with
responsibility for the strategic and operational leadership of the company in
2003. In January 2004, he was named Chief Executive Officer and elected to serve
on the company's Board of Directors. Mr. Pileggi holds an economics degree from
Rutgers University.
James L. Hambrick, Chairman, President and Chief Executive Officer of
Lubrizol, commented, "Dominic Pileggi brings a breadth of experience in sales,
marketing and
-more-
4
international management to the Lubrizol board. In addition, his perspective as
an active CEO driving growth in an established industrial company will be
particularly relevant at this stage in Lubrizol's transformation. The Board and
I are looking forward to working with Dominic as we continue the transformation
of Lubrizol to a higher growth, premier specialty chemical company."
The Lubrizol Corporation (NYSE: LZ) is an innovative specialty chemical
company that produces and supplies technologies that improve the quality and
performance of our customers' products in the global transportation, industrial
and consumer markets. These technologies include lubricant additives for engine
oils, other transportation-related fluids and industrial lubricants, as well as
fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes
ingredients and additives for personal care products and pharmaceuticals;
specialty materials, including plastics technology; performance coatings in the
form of specialty resins and additives; and additives for the food and beverage
industry. Lubrizol's industry-leading positions in additives, ingredients and
compounds enhance the quality, performance and value of customers' products,
while reducing their environmental impact.
Headquartered in Wickliffe, Ohio, The Lubrizol Corporation owns and
operates manufacturing facilities in 21 countries, as well as sales and
technical offices around the world. Founded in 1928, Lubrizol has more than
7,700 employees worldwide. In June 2004, Lubrizol acquired Noveon International,
Inc. With Noveon, Lubrizol generated pro forma revenues of $3.7 billion in 2004
and $3.2 billion in 2003. For more information, visit www.lubrizol.com.
###
5