“Lubrizol is exactly the sort of company with which we love to partner – the global leader in several market applications run by a talented CEO, James Hambrick,” said Warren Buffett, Berkshire Hathaway CEO. “Our only instruction to James – just keep doing for us what you have done so successfully for your shareholders.”
Mr. Hambrick, Lubrizol chairman, president and CEO, said, “This transaction provides compelling value to our shareholders and is a clear endorsement of the growth and diversification success Lubrizol has achieved. We are very excited to have the opportunity to become part of the Berkshire Hathaway family. We believe its philosophy of supporting long-term global investments in technology, assets and employees will enhance execution of our growth strategies. Such a long-term commitment is more important than ever in today’s global economy to deliver true market-leading products and services for our customers.”
The transaction is subject to the approval of Lubrizol's shareholders and the satisfaction of customary closing conditions, including the expiration of waiting periods and the receipt of approvals under the Hart-Scott-Rodino Antitrust Improvements Act and applicable non-U.S. merger control regulations.
Berkshire Hathaway and Lubrizol expect the transaction to be completed during the third quarter of 2011.
After the close of the transaction, Lubrizol will operate as a subsidiary of Berkshire Hathaway and will continue to provide innovative technology, outstanding service and superior global supply chain support to its customers. Lubrizol will remain located at its Wickliffe, OH, headquarters and will continue to be led by its current management team.
Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, it has approximately 6,900 employees worldwide. Revenues for 2010 were $5.4 billion.