Berkshire Hathaway Completes Acquisition of Lubrizol
September 16 2011 - 12:30PM
Business Wire
Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) and The Lubrizol
Corporation (NYSE: LZ) 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 U.S. and non-U.S.
regulatory filing requirements, is valued at approximately $9.7
billion, including approximately $0.7 billion in net debt. The
transaction was announced on March 14, 2011.
“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
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.”
With the closing of this transaction, Lubrizol is now a
wholly-owned subsidiary of Berkshire Hathaway, providing innovative
technology, outstanding service and superior global supply chain
support to its customers. Lubrizol’s international headquarters
remain located in Wickliffe, Ohio and the company continues to be
led by Hambrick.
About Berkshire Hathaway
Berkshire Hathaway and its subsidiaries engage in diverse
business activities including property and casualty insurance and
reinsurance, utilities and energy, freight rail transportation,
finance, manufacturing, retailing and services. Berkshire’s common
stock is listed on the New York Stock Exchange, trading symbols
BRK.A and BRK.B.
About The Lubrizol Corporation
The Lubrizol Corporation (NYSE: LZ) is an innovative specialty
chemical company that produces and supplies technologies to
customers in the global transportation, industrial and consumer
markets. 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.
In addition, Lubrizol makes ingredients and additives for personal
care products and pharmaceuticals; specialty materials, including
plastics technology and performance coatings in the form of
specialty resins and additives. Lubrizol’s industry-leading
technologies in additives, ingredients and compounds enhance the
quality, performance and value of customers’ products, while
reducing their environmental impact.
With headquarters in Wickliffe, Ohio, The Lubrizol Corporation
owns and operates manufacturing facilities in 17 countries, as well
as sales and technical offices around the world. Founded in 1928,
Lubrizol has approximately 7,000 employees worldwide. Revenues for
2010 were $5.4 billion. For more information, visit
www.lubrizol.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the federal securities laws. As a general matter,
forward-looking statements relate to anticipated trends and
expectations rather than historical matters. Forward-looking
statements are subject to uncertainties and factors relating to
Lubrizol’s operations and business environment that are difficult
to predict and may be beyond the control of Lubrizol. Such
uncertainties and factors may cause actual results to differ
materially from those expressed or implied by forward-looking
statements. Uncertainties and risk factors that could affect the
future performance of Lubrizol and cause results to differ from the
forward-looking statements in this release include, but are not
limited to, Lubrizol’s ability to manage margins in an environment
of volatile raw material costs; conditions affecting Lubrizol’s
customers, suppliers and the industries that it serves;
competitors’ responses to Lubrizol’s products; changes in
accounting, tax or regulatory practices or requirements; and other
factors that are set forth in management’s discussion and analysis
of Lubrizol’s most recently filed reports with the Securities and
Exchange Commission.. The forward-looking statements contained
herein represent Lubrizol’s judgment as of the date of this
communication and Lubrizol cautions readers not to place undue
reliance on such statements. Lubrizol assumes no obligations to
update the forward-looking statements contained in this
release.
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