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 Warren Buffett buys Lubrizol chemicals firm for $9bn

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Warren Buffett buys Lubrizol chemicals firm for $9bn Vide
PostSubject: Warren Buffett buys Lubrizol chemicals firm for $9bn   Warren Buffett buys Lubrizol chemicals firm for $9bn Icon_minitimeMon Mar 14, 2011 7:54 pm
Warren Buffett's investment firm Berkshire Hathaway has announced what it has described as one of the largest deals in its history.

It is buying chemicals company Lubrizol for $9bn (£5.6bn) in cash, the equivalent of 28% above its latest market valuation.

Fast-growing Lubrizol saw its net income rise by 46% last year to $749m.

Mr Buffett told shareholders this month that Berkshire expected to use its cash pile to buy more companies.

"We will need both good performance from our current businesses and more major acquisitions," said Mr Buffett in his annual letter to Berkshire Hathaway shareholders.

"We're prepared. Our elephant gun has been reloaded, and my trigger finger is itchy."

Lubrizol, which had revenues of $5.4bn last year, makes chemical products used in engine oils as well as the plastics and pharmaceuticals industries.

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