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article imageWarren Buffett buys Lubrizol chemicals firm for $9 billion

By Owen Weldon     Mar 15, 2011 in Business
Lubrizol is a specialty chemical company that will soon be owned by Warren Buffett. Buffett's company Berkshire Hathaway Inc. is purchasing Lubrizol for a record $9 billions.
Berkshire Hathaway Inc. is owned by Warren Buffett, and the company is purchasing Lubrizol Corp for $9 billion. On the news yesterday, the stock rose $29.24 to $134.69.
According to Newstabulous, the previous 52-week high for stocks was $117.52. The recent rise in stock is a +27.73% increase.
In late 2009 Buffett acquired Burlington Northern Santa Fe, which is one of the biggest railroad companies in America. He purchased that company for almost $30 billion, according to the Telegraph. The acquisition of Lubrizol follows the acquisition of Burlington Northern Santa Fe, and this shows that Buffett has quite the appetite for buying companies in America.
Last Year Lubrizol did $5.4 billion in sales. The company was founded in 1929, and the business manufactures additives that are used to improve the performance of lubricants that are used in engines.
The purchased is expected to be completed in the third quarter, according to Berkshire and Lubrizol. According to the Vancouver Sun, Lubrizol will stay based in Wickliffe, and will be a subsidiary of Berkshire.
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