"We are very excited to start this collaboration with SpecialChem and
join the NEW Omnexus, their Plastics and Elastomers service platform" says
Philippe Rey, Arnitel(R) Business Manager at DSM.
On top of working with the leader in high-performance technical materials,
this project with Arnitel(R) represents the first step in extending our
service offer to a highly popular and growing category of engineering
materials: thermoplastic elastomers", explains Christophe Cabarry, Founder
and COO of SpecialChem.
The effective tax rate was 29.5 million,
or $1. Excluding
restructuring charges in both periods, as well as IPR+D and the currency
forward contract gain in 2004, earnings of $2.
Segment operating income was $39.9 million in
2003 . We are continuing to take the actions we need to improve our margins,
which include exercising firm discipline over our operating costs,
productivity and divesting underperforming and non-strategic businesses.7 190.0 4.5 34.1 $93.7 51.6
Inventories 568.8 1.1) (38.6) (22.1 $0.

Research And Markets: Examine The Process Of Extrusion Today

Each of the seven sections are written as self-contained modules ,
reducing cross reference searching for important information.

porous ticona

1 million pre-tax, or $. Cash flow from operations was
$328. For the full
year, Lubricant Additives segment revenues of $2.K. Hambrick , Chairman, President and
Chief Executive Officer said, "The fourth quarter completed a year of strong
performance in executing our strategies for growth.4 2,359.0
Restructuring charges 20.6 146.2 2.67 $1.6 51.2 $2.5

Total current liabilities 657.6) (53.4 4.8 $39. In addition, Management and the Board evaluate results using the
earnings and earnings as adjusted basis.1 $19.6 26.1 9.9 0.19 22.40 $151.com/reports/c12544) has announced the
addition of Extrusion: The Definitive Processing Guide and Handbook to
their offering
It provides a clear, concise and thorough discussion of the
equipment and materials foundations of extrusion processes, suitable
for both operators and engineers.
The comprehensive yet practical treatment of the advanced topics
of auxiliary equipment , troubleshooting, and coextrusion, make this
book suitable for operators, engineers, and managers .

polyaniline celanese

Segment
operating income margins declined to 8.90 per share for the year and $.

Commentary
Commenting on the results, James L.
"I am very pleased with our progress on the Noveon International
acquisition integration.3 21.8

Net income per share, basic $0.3 $1,942.5 953.8

Investing activities:
Capital expenditures (133.9)

Financing activities:
Change in short-term debt - net (72.3 70.7 253. Earnings as adjusted (Non-GAAP) is earnings per our
consolidated results, adjusted for exclusion of restructuring charges, the
write-off of acquired in-process research and development (IPR+D) and the
currency forward contract gain.29
Earnings as adjusted (Non -
GAAP) $28.researchandmarkets.

porous dih

omnexus.39 per share and a currency forward contract gain related
to the company's January 2004 hyperdispersants acquisition of $.8 million in 2003.
"Implementation is our top priority to achieve solid earnings growth in
2005.

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. acquisition; the company's ability
to raise prices in an environment of increasing raw material prices; the delay
or inability to fully integrate Noveon International and obtain anticipated
synergies; conditions affecting the company 's customers, suppliers and the
industries that it serves; competitors' responses to the company's products;
changes in accounting, tax or regulatory practices or requirements; and other
factors that are set forth in the company's most recently filed reports with
the Securities and Exchange Commission.9
Amortization of intangible assets 6.4 2.3
Interest expense - net 23.76

Net income per share, diluted $0.9
Specialty Chemicals 427.5
Specialty Chemicals 39.6 $106.0 $2.

The Polymers category comprises establishments which are primarily engaged in the production of:
Resins (raw materials of plastics),
Basic Plastics and companies which provide custom processing such as extrusion or molding,
Rubber (natural, synthetic, or reclaimed), Foam

Also included are support industries such as associations, wholesalers, importers, and media companies which focus on the polymer/plastics industry.

natta fluoropolymers

omnexus.
"For SpecialChem, it is a great step forward to start working with DSM.18 per share, related to the
non-cash impairment of assets associated with the decision to close the
company's manufacturing facility in Bromborough, United Kingdom and
$3.4 percent in the fourth quarter 2003.
Consolidated revenues for the quarter were a record $936. We responded by announcing and implementing new rounds of price
increases and by initiating reductions in our cost structure for greater
productivity improvements. Supplies of some raw materials were tight and in
some cases we paid a premium to secure supplies above our normal contracts. With Noveon, Lubrizol generated pro forma revenues of
$3. As a general matter, forward-looking
statements relate to anticipated trends and expectations rather than
historical matters. The company assumes no obligations to update the statements
contained in this release.0
Total revenues 936.5
Total costs and expenses 887.4 502.1 38.21 $1.6

Total current assets 1,598.8

Property and equipment - net 1,317.6 51.2 $244.4

Corporate expenses (11.6 $146.6 $129. It is a practical guide
to extrusion bringing together both the equipment and materials
processing aspects, and provides basic and advanced information (for
reference and training) on thermoplastics processing in the extruder.
Research and Markets
(http://www.researchandmarkets .

polysaccharide ticona

V. With Stanyl, it is the global
market leader in high heat resistant polyamides.47 per share for 2004 increased
20 percent compared to $2. Excluding
acquisitions, Specialty Chemicals revenues increased 15 percent in the
quarter, primarily as a result of higher shipment volume. For more information ,
visit http://www. Uncertainties and
risk factors that could affect the future performance of the company and cause
results to differ from the forward-looking statements in this press release
include, but are not limited to, the increased leverage resulting from the
financing of the Noveon International, Inc.7 $3,155.8
Selling and administrative expenses 95.4 18.30 $146 .6 $93.47

Year Ended
4th Quarter 2003 December 31,2003
Income Income Income Income
Before After Basic Before After Basic
Tax Tax EPS Tax Tax EPS

Earnings $13.1 $90.

polyaniline radiochemical

Arnitel(R) is a product offering a
unique balance of features. It re-launched a completely NEW Omnexus platform in June 2004.7 million average shares
outstanding for the year.3 million in the fourth
quarter, compared to $70.0 million in the fourth quarter of 2003.66 to $.73 per share for the first
quarter 2005.
"Raw material and energy costs increased in line with our expectations for
the quarter."

Conference Call on the Web
An audio webcast of the fourth quarter earnings conference call with
investors will be available today live at 1:30 p. Founded in 1928, Lubrizol has more than
7,700 employees worldwide .30 $0.3

Liabilities and Shareholders' Equity
Short-term debt and current portion
of long-term debt $8.2 937.3
Shareholders ' equity 1,523.3

Total $4,566.8 $1,798.7 4.5) (34.0)
Restructuring charges (20.6 14.8 $1. This is not
available in any other published works on extrusion processes.

Polymer -based man-made fabrics are listed in Business: Textiles and Nonwovens: Fibers: Man-made.

natta porous

It helps OEMs , Tier 1 manufacturers, designers and
design engineers to develop new and innovative products more effectively and
much faster than through traditional channels.g.1 percent in the fourth quarter 2004 and was
18.29 per share.6 million for 2004, up from $0.com .1
Royalties and other revenues 0.9
Write-off of acquired in-process
research and development 0.5 53.2
Total investing activities (1,088.5
Dividends paid (57.6
Total financing activities 811 .1

Segment operating income:
Lubricant Additives $41.3 5 .5 0.

peroxide polysaccharide

Lubrizol Announces 43% EPS Growth for Fourth Quarter 2004

Consolidated earnings for the
fourth quarter of 2003 were $11. In the fourth
quarter of 2003, there were 51.5 million were 13 percent higher than the fourth quarter of 2003, as a
result of 3 percent higher shipment volume , 7 percent improvement in the
combination of price and product mix and 3 percent increase from favorable
currency.com and will be archived for 30 days.6 0.7 311.5 153.4

Cash and short-term investments at the
end of year $335 .7

THE LUBRIZOL CORPORATION

SEGMENT INFORMATION
(In Millions of Dollars)
Fourth Quarter Year
Ended December 31, Ended December 31,
2004 2003 2004 2003
Revenues from External Customers:
Lubricant Additives $509.5 $449.5 $2,052.1
Write-off of acquired in -process
research and development (0.1) (15.68

Adjustments:
Restructuring charges 20.9 0.79

Earnings as adjusted (Non-
GAAP) $48.8 $137.

gelling gobain

Our role will be to drive OEMs and designers who
need such a unique balance of properties towards DSM's experts, as well as
accelerating the adoption of Arnitel(R) applications by the industry's most
relevant decision makers".com/COPE
About DSM Engineering Plastics:
DSM Engineering Plastics is a business group forming part of Royal DSM
N. It is active in markets like Polymer
Additives and Colors, Adhesives and Sealants, and Paints, Coatings and Inks .21 per share, including a
restructuring charge of $.8 million,
compared to $519.2 million for 2004 compared to $194.
Specialty Chemicals segment revenues were $427. In June 2004, Lubrizol acquired Noveon
International, Inc.8 519.8 4.5 $90.9 690.1
Investments and other assets 59.6 143.5

Long-term 1,964.8
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation and amortization 154.5)
Acquisitions - net of cash received
and liabilities assumed (958.6) (44.4 - 34 .2 0.7 $21.

Sites not listed in this category include:
Most plastic or rubber final products are listed in Business categories according to the application of the product.

gobain shokubai

72 per share, including approximately half the 2005 restructuring
charges.
We continued to ship to customers without interruption throughout the quarter.4 3,159.3 304.6 22.9 2,945.9 $258.3
Total operating activities 328.2
Total revenues $936.4 $3,159.8 1.21 38.21 66.21 $129.

inherently crosslinking

Among the services Omnexus is offering to inspire and help engineers in
designing with Arnitel(R) are:
- An extensive Application Gallery featuring innovative applications for
Arnitel(R) technology
- Solution DataSheets focusing on cases where Arnitel(R) presents the
perfect response to a combination of demanding required performances in
certain applications
- Technical and design assistance
Example of Applications Gallery , available at:
http://www.16 billion compared
to $2.8 million for the
quarter increased 7 percent compared to the fourth quarter of 2003. Segment
results for both periods included performance chemicals for coatings and inks,
personal care, foam control, mining emulsions and specialty monomers . Fourth
quarter 2004 Specialty Chemicals segment results also included the
acquisitions of Noveon International, completed June 2004, and
hyperdispersants for coatings acquired from Avecia in January 2004.12 billion compared to $253.87 per share, including restructuring charges of approximately
$. Even with 29 percent more shares outstanding, the first quarter
2005 projection exceeds EPS for the first quarter of last year, excluding a
2004 currency forward contract gain related to our acquisition of
hyperdispersants.7 3.5 2,052.1
Provision for income taxes 8.5 43.3
Net change in working capital (5.0)
Other items - net 23.8) (155.5)

Effect of exchange rate changes on cash 25.1) (33.1 13.

polysaccharide biopolymers

PARIS, SpecialChem is pleased to announce today
the start of collaboration with DSM Engineering Plastic's Arnitel(R) COPE
product line on its Plastics + Elastomers platform: http://www.
Arnitel(R) is a TPE-E (or COPE) class of TPE consisting of block
copolymers of alternating hard and soft segments connected by ester and ether
linkages. DSM Engineering Plastics is a global
supplier of various types of polyamides (PA6, PA66 and PA46), polyesters
(PBT, PET and TPE-E), polycarbonate and ultra-high molecular weight
polyethylene (PE), and extrudable adhesive resins.

- Excluding restructuring charges in the fourth quarters of 2004 and
2003, EPS increased 28%, despite raw material cost challenges

- Excluding acquisitions , record revenues increased 14% in the quarter,
on continuing strong Lubricant Additives performance

- 2004 revenues of $3.9 million or $.1 million or $.19 per share for a reduction in workforce . Consolidated earnings for 2004 were $93.3 million, reflecting 7 percent volume growth.7 million for the fourth quarter,
compared to slightly less than breakeven in the fourth quarter 2003 for the
product lines and their assigned overhead that now comprise the Specialty
Chemicals segment. Eastern time
on http://www.1 53.5 1,905.21 $1.1 386.3 $1,942.0) (9.47
Write-off of acquired IPR+D 0.4) (4.07)

Total impact of adjustments 20 .
The book will be of interest to those working in the extrusion
industry needing a reference that deals with all the day-to-day
activities in processing plastics, including troubleshooting. The
first two sections contain critical coverage of safety issues.

celanese akzo

Using their comprehensive reach in the
plastics industry, their unique ability to foster Innovation and Solutions
with plastics and their on-line marketing expertise will certainly help us to
further accelerate the already solid growth Arnitel (R) is experiencing".1 million, or $. Cash flow from operations
totaled $132.8 million, or $1.2 billion in 2003.5 1,507.1 13.6)
Proceeds from sale of common shares - net 470.8)
Payment of treasury rate lock upon settlement (73.3 $201.0 0.0 $0.05

For example, many consumer products made from plastic are listed in Business: Consumer_Goods_and_Services.

gobain dih

creep and fatigue, high heat resistance, exceptional resistance to chemicals,
oils and greases and dimensional stability.
Excluding restructuring charges in both periods, earnings of $.51 per share in
the fourth quarter of 2004 were 28 percent higher than $. The Noveon International acquisition
was slightly accretive to earnings per share in the quarter, after incremental
financing costs. Consolidated earnings for the year included
restructuring charges of $. Lubricant Additives segment operating income of $41. Segment operating income
for Specialty Chemicals was $85. Expansion in all our geographic regions,
construction activity and successful introduction of new products all drove
Specialty Chemicals growth.68 $1.6 42.5

Total liabilities 2,989.4) (68.3 4.9

Net increase (decrease) in cash and
short-term investments 77.7 266.5 15.

ibuprofen polymeric

The NEW Omnexus platform is an Innovation and Solutions Accelerator in
Plastics + Elastomers.
SpecialChem expanded its coverage to the Plastics and Elastomers industry in
December 2003 with the acquisition of OMNEXUS ' community and e-marketing
activities.21 per share.03 per share, primarily for the fourth quarter
pension settlement charges and remaining severance costs related to the
reduction in workforce announced in June 2004.7 percent for the same period a year earlier, as
pricing gains lagged raw material and utility cost increases.04 billion increased
13 percent from 2003 and segment operating income increased 21 percent to
$244.67 to $.7 billion in 2004 and $3.

This press release contains forward-looking statements within the meaning
of the federal securities laws.

THE LUBRIZOL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME
(In Millions Except Per Share Data)
Fourth Quarter
Ended Year Ended
December 31, December 31,
2004 2003 2004 2003

Net sales $936.9 3.6 202 .7 5.4

Total $4,566.3

THE LUBRIZOL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions of Dollars)
Year Ended
December 31,
2004 2003
Cash provided from (used for):

Operating activities:
Net income $93.4) (9.9 9.6) (5.4 $2,038.com/reports/c12544

colloids inherently

SpecialChem was created in 2000 and is based in Paris, France.
Factors that increased earnings in the fourth quarter 2004 compared to the
fourth quarter 2003 included, acquisitions, higher shipment volume and
favorable currency. Improved price and product mix were more than offset by
higher raw material and utility costs compared to the fourth quarter 2003. We
enter 2005 with a revitalized new product pipeline in personal care , coatings
and specialty materials.1 38.0
Other income (expense) - net 2 .3
Income before income taxes 28.7
Receivables 582.0 937.7
Other noncurrent liabilities 367.7

Minority interest in consolidated companies 53.9)
Proceeds from the exercise of stock options 15.6)
Corporate other income (expense)
- net 2.5)
Interest expense - net (23. Management believes that both earnings and
earnings as adjusted for exclusion of these special charges and credits assist
the investor in understanding the results of operations of The Lubrizol
Corporation.7 $34.76
Adjustments:
Restructuring charges 15.

Business Editors/Chemicals Writers /Manufacturing Writers

DUBLIN, Ireland----This unique
reference work continues the PDL tradition of providing both reference
and data essential to the daily work of engineers, scientists, and
technicians involved in extrusion processes.

porous polymeric

"We have been impressed by
their way to develop business.68 basic earnings per share based on 55.47 per share, in-process research and development
(IPR+D) charges of $.8 166.8 324.9
Other current assets 110.5 $90.5 3.6)
Other items - net 2.0
Payment on termination of interest rate swap (2.7 (0.9) (5.1

The Lubrizol Corporation
For the Periods Ending December 31, 2004 and 2003

Non-GAAP Disclosure Reconciliation

Earnings as adjusted (Non-GAAP) is a measure of income that differs from
net income measured in accordance with generally accepted accounting
principles ("GAAP").

(In Millions of Dollars, Except Per Share)

Year Ended
4th Quarter 2004 December 31, 2004
Income Income Income Income
Before After Basic Before After Basic
Tax Tax EPS Tax Tax EPS

Earnings $28.9 $0.8 0.

akzo dih

"It is recognition of the value the NEW Omnexus
brings to the plastics industry when it comes to infusing and diffusing
innovative technologies and solutions.1 million in the fourth
quarter of 2003.2 percent of revenues for the fourth
quarter 2004 compared to 8. Forward-looking statements are subject to uncertainties
and factors relating to the company's operations and business environment that
are difficult to predict and may be beyond the control of the company.9 271.9
Accounts Payable 339.1
Accrued expenses and other current liabilities 309.8 251.0
Restructuring charges 27.7)
Cash and short-term investments at the
beginning of year 258.9 $258.0 21.2 43 .

polymerization polysaccharide

com. The restructuring
charge consisted of $17 million pre-tax, or $.40 per share in the
fourth quarter of 2003.

2004 Results
For the full year 2004, consolidated revenues were $3. First quarter 2005 earnings are estimated to be in the range of
$.75 to $2. Demand for our products
remained healthy. Following the
call, a transcript will be posted on the investor earnings release page of the
web site.6 $2,049.9
Research, testing and development
expenses 53.1 15.75
Weighted average common shares
outstanding 66.7

THE LUBRIZOL CORPORATION

CONSOLIDATED BALANCE SHEETS
(In Millions of Dollars)
December 31, December 31,
2004 2003

Assets
Cash and short-term investments $335.4
Write-off of acquired in-process
research and development 34 .9)
Payment of debt issuance costs (16.6 329.

celanese natta

DSM' Arnitel(R) COPE Product Line Partners With the NEW Omnexus to Further Develop its Business

4 million for the same period in 2003. We plan to capitalize on this higher growth
portfolio, balanced by the stability of the lubricant additives market, to
deliver shareholder value in 2005 and beyond.m. 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. 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 20 countries, as well as sales and
technical offices around the world. Such
uncertainties and factors may cause actual results to differ materially from
those expressed or implied by forward-looking statements.7 100.2 194.8 )
Repayments of long-term debt (1,193.2)
Proceeds from the issuance of long- term debt 1,743.2 (7.0 1,120.9
Total segment operating income 81.6) (72.9 0.6 $11.

gelling natta

The business group
had annual sales of EUR 624 million in 2004.05 per share in 2003.72 to $2. manufacturing
plant. 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.6 389.9 3.6 129.3

Net income $19.30 $0.6) 85.6 0.7) (5.1 $13.3 0.51 $212.

shokubai gelling

These materials are used
in technical components for electrical appliances, electronic equipment and
cars, as well as in mechanical and extrusion applications.
About the NEW Omnexus and SpecialChem:
SpecialChem is an on-line Innovation + Solutions Accelerator focusing on
Specialty Chemicals and Plastics.6 million weighted average shares outstanding following the
company's equity offering in September and October 2004 .8 million average shares outstanding.
Consolidated earnings for 2003 were $90.

Quarterly Segment Results
Fourth quarter 2004 revenues in the Lubricant Additives segment of
$509.
Average unit raw material costs for the Lubricant Additives segment
increased 18 percent and STAR (selling, testing, administrative and research)
expenses decreased 4 percent in the quarter compared to the fourth quarter
2003. Specialty Chemicals segment revenues for the full-year
2004, including seven months of the acquisition of Noveon International, were
$1.

Earnings Outlook
The company announced its earnings guidance for 2005 in the range of
$2.03 per share related to the closure of the company's U. Our ingredients for personal care products and
our TempRite(R) and Estane(R) engineered polymers all had solid volume growth
in the quarter and the full year. We are continuing to deliver synergies ahead of plan
and our complementary organizations are working together to bring new
solutions to our customers. The forward-looking statements
contained herein represent the company's judgment as of the date of this
release and it cautions readers not be place undue reliance on such
statements.7 72.9 $11.0
Goodwill and intangible assets - net 1,590.3 299.2) (88.9 (59.9 12.8 $519.9 202.3 )
Income before income taxes $28.5 $1.39
Currency forward contract
gain - - - (6.3 $2.

biopolymers celanese

's Performance Materials cluster.

30 per share, including a pre-tax
restructuring charge of $20. Earnings per share for the fourth quarter of 2004
were based on 66. Excluding
acquisitions, revenues increased 14 percent.7 million in the quarter compared to $81.76 basic earnings per
share, including restructuring charges of $ .2 million in 2003. Lubricant Additives continued to grow year-over-year,
helped in part by new truck builds and China expansion - where our sales
increased 40 percent in 2004.2 $518.1
Cost of sales 711.4 43.2 $0.

natta gelling

Arnitel(R) range of COPE are high performance thermoplastic
elastomers that exhibit a unique combination of properties such as excellent
strength over a wide range of temperatures, excellent dynamic properties e.2 billion reflected 7 months of Noveon and
7% volume growth in Lubricant Additives

CLEVELAND, The Lubrizol Corporation
(NYSE: LZ) announced that consolidated earnings for the fourth quarter ended
December 31, 2004 were $19 .05 billion in 2003.07 per share. Excluding the restructuring charges, earnings are projected to be
$2.lubrizol.lubrizol.7 1.8 55.5 38.3) (21.1) (0.

The contents of this Report are as follows:

PART 1

Single Screw Extrusion

Extrusion Process

Extrusion Safety

Equipment

Plastic Behavior

Screw Design

Processing Conditions

Scale-up

Shear Rates, Pressure Drops, and Other Extruder Calculations

Glossary

Twin Screw Extrusion

Extrusion Process

Extrusion Safety

Equipment: Corotating , Counter-rotating, Non-intermeshing, and
Conical

Plastic Behavior

Screw Design

Shear Rates, and Other Twin Screw Calculations

Polymeric Materials

Definition and Identification of Different Polymer Types

Polymerization Mechanism

Polymer Types and Structure

Effect of Molecular Weight on Extrusion

Crystalline versus Amorphous Polymers

Rheology

Physical Properties

Polymer Processing

PART 2

Troubleshooting the Extrusion Process

Problem Solving

Five Step Process

Design of Experiments

Quality

Troubleshooting: Mechanical, Product, Sheet, Coextrusion,
Pipe/Profile, Blown Film, Cast Film

Auxiliary Equipment

Feed Systems/Blenders

Gravimetric/Volumetric Feeders

Resin Dryers

Gear Pumps

Screen Changers

Granulators/Pulverizers

Screw Cleaning

Purge Materials

Coextrusion

Objective of Coextrusion

Equipment

Material Consideration

Extrusion Applications

Compounding

Sheet/Film

Blown Film

Profile

Pipe/Tubing

Wire Coating

Monofilament

Extrusion Blow Molding

Coating/Lamination

Foam

Coextrusion

Reprocessing

For more information visit
http://www.