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Business

Berkshire May Seek More Acquisitions

by Alexander H. Tullo
March 5, 2012 | APPEARED IN VOLUME 90, ISSUE 10

Berkshire Hathaway is considering more chemical acquisitions following its purchase of specialty chemical maker Lubrizol last September. “Lubrizol will have many opportunities for ‘bolt-on’ acquisitions in the specialty chemical field,” Berkshire Chairman Warren E. Buffett wrote in his annual letter to shareholders. He pointed out that Lubrizol has acquired three firms, for a total of $493 million, since Berkshire took over: thermoplastic polyurethanes maker Merquinsa, botanical extracts supplier Active Organics, and grease formulator Chemtool. Buffett also asserted his confidence in Lubrizol CEO James L. Hambrick, calling him “a disciplined buyer and a superb operator.” Buffett notes that he is “eager to expand [Hambrick’s] managerial domain.”

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