Berkshire to acquire division of Phillips 66 in $1.4 billion deal

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Posted: Monday, December 30, 2013 12:00 am

Berkshire Hathaway Inc. said Monday it would acquire a division of Phillips 66 for about $1.4 billion and assign its supervision to Berkshire’s Lubrizol Corp. subsidiary.

Pending approval by regulators, Phillips 66 would receive some of the $2 billion worth of Phillips stock that Berkshire owns.

The division, called Phillips Specialty Products Inc., develops polymers that improve the flow of material through pipelines.

Buffett said in a statement that the business has “consistently strong financial performance.” If the acquisition is completed in the first half of 2014 as expected, the company would be overseen by James Hambrick, CEO of Lubrizol, a chemical company whose products include lubricants.

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