Berkshire Hathaway completes Lubrizol acquisition
Deal valued at around $9.7bn
Berkshire Hathaway Inc and The Lubrizol Corporation today announced the completion of the acquisition of Lubrizol for $135 per share in an all-cash transaction. The transaction, having been overwhelmingly approved by Lubrizol shareholders and having met all US and non-US regulatory filing requirements, is valued at approximately $9.7bn, including approximately $0.7bn in net debt. The transaction was announced on 14 March 2011.
"Lubrizol is a great addition to the Berkshire Hathaway family of companies," said Warren Buffett, Berkshire Hathaway ceo. "We expect to see continued strong performance from the company as it executes its growth strategies."
James Hambrick, Lubrizol chairman, president and ceo commented: "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 little change to daily activities, Lubrizol employees remain committed to maintaining the industry leading expertise and technical skills required to meet the needs of our customers."
The closing of this transaction means 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.
