10.12.11
Berkshire Hathaway Inc. and The Lubrizol Corporation have completed the acquisition of Lubrizol for $135 per share in an all-cash transaction. The transaction, having been approved by Lubrizol shareholders and having met all U.S. and non-U.S. regulatory filing requirements, is valued at approximately $9.7 billion, including approximately $0.7 billion in net debt.“Lubrizol is a great addition to the Berkshire Hathaway family of companies,” said Warren Buffett, Berkshire Hathaway chief executive officer. “We expect to see continued strong performance from the company as it executes its growth strategies.”
James Hambrick, Lubrizol chairman, president and chief executive officer, said, “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 also noted that the culture and corporate philosophy established by Lubrizol’s founders remains intact. With the closing of this transaction, Lubrizol is now a wholly-owned subsidiary of Berkshire Hathaway. Lubrizol’s international headquarters remain located in Wickliffe, Ohio and the company continues to be led by Hambrick.
