Lubrizol To Enter Oil-Field Chemicals

Lubrizol has agreed to acquire the oil-field chemicals business of Weatherford International, an oil-field services firm, for $750 million plus a potential $75 million payment based on performance. The Weatherford business provides drilling fluids and specialty chemicals used in oil and gas production. Lubrizol CEO James L. Hambrick calls the acquisition a move into a new market that he expects will be a multi-billion-dollar-per-year business for the firm. Lubrizol has been an active purchaser of chemical businesses since being acquired by Berkshire Hathaway in 2011. Last month, Lubrizol announced it would acquire Warwick Chemicals, maker of the bleach activator tetraacetylethylenediamine.