Investor Buffett to acquire Lubrizol

"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 chief executive officer. James Hambrick, Lubrizol chairman, president and chief executive officer, 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."

Berkshire Hathaway and Lubrizol expect the transaction to be completed during the third quarter of 2011. After closing, Lubrizol will operate as a subsidiary of Berkshire Hathaway. The company will remain located at its Wickliffe, OH, headquarters and will continue to be led by its current management team.

About Lubrizol

Lubrizol supplies lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, it 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. Among others it supplies thermoplastic polyurethanes under the brand name Estane. In 2009 it had acquired Dow's TPU business (Pellethane, Isoplast.)

With headquarters in Wickliffe, OH, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 6,900 employees worldwide. Revenues for 2010 were USD 5.4 billion.