Berkshire Hathaway purchase of Lubrizol a done deal
From Crain's Cleveland Business
Wickliffe, Ohio -- Lubrizol Corp.'s days as a standalone public company are done.
Berkshire Hathaway Inc. today said it finalized its $9700 million purchase of the Wickliffe speciality chemicals company.
Omaha, Nebraska-based Berkshire, run by Warren Buffett, paid $135 per share for Lubrizol in an all-cash transaction. The deal, announced in March, was approved overwhelmingly by Lubrizol shareholders and met all US and non-US regulatory filing requirements. The final hurdle was cleared on Wednesday, 14 Sept, when the Chinese government signed off on the purchase.
"Lubrizol is a great addition to the Berkshire Hathaway family of companies," said Buffett, Berkshire's ceo, in a statement. "We expect to see continued strong performance from the company as it executes its growth strategies."
With the closing of the transaction, thermoplastic polyurethane resin maker Lubrizol is a wholly-owned subsidiary of Berkshire. Its international headquarters remains in Wickliffe, and the company continues to be led by ceo James Hambrick.
"As part of Berkshire Hathaway, we have real and significant opportunities to continue creating customer value by providing complex and innovative chemistries, formulations and solutions for some of the most demanding performance applications in the world," Hambrick said in a statement.