WICKLIFFE, OH - The Lubrizol Corp. announced a definitive agreement to acquire Noveon International Inc., a supplier of coatings resins and other specialty chemicals, in a transaction valued at $1.84 billion.

The acquisition, which is subject to regulatory approval, would create a combined company with approximately $3.2 billion in annual sales. Lubrizol said Noveon would become a wholly owned subsidiary following completion of the acquisition.

Lubrizol said the purchase also will boost its geographic market presence in North America, where Noveon's coatings business is focused, while Lubrizol's coatings position is stronger in Europe.