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Business

Berkshire To Acquire Phillips Polymer Unit

by Michael McCoy
January 6, 2014 | APPEARED IN VOLUME 92, ISSUE 1

Berkshire Hathaway, the investment firm controlled by Warren E. Buffett, has agreed to acquire a flow-improvement polymer business from Phillips 66 for about $1.4 billion. The business, Phillips Specialty Products, specializes in developing long-chain hydrocarbon polymers to maximize flow in pipelines. Phillips calls it the leader in the science of drag reduction. Berkshire acquired Lubrizol, a lubricant additives maker, in 2011. Buffett says he plans to have Lubrizol CEO James L. Hambrick oversee the new flow-improvement business.

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