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Business

Berkshire May Seek More Acquisitions

by Alexander H. Tullo
March 5, 2012 | A version of this story 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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