Berkshire acquires Phillips Specialty Products from Phillips 66
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Berkshire acquires Phillips Specialty Products from Phillips 66

12:07 PM, 2nd January 2014
Berkshire acquires Phillips Specialty Products from Phillips 66

OMAHA/HOUSTON, US: Berkshire Hathaway Inc is acquiring Phillips Specialty Products Inc (PSPI), a flow improver business, from Phillips 66. In exchange for the share capital of the wholly owned subsidiary, Phillips 66 will receive shares of Phillips 66 common stock currently held by Berkshire Hathaway. The specific number of shares will be determined by the share price at deal closing.

“I have long been impressed by the strength of the Phillips 66 business portfolio. The flow improver business is a high-quality business with consistently strong financial performance, and it will fit well within Berkshire Hathaway. I plan to have James L Hambrick, CEO of The Lubrizol Corporation, oversee its strategic direction,” said Warren E Buffett, Chief Executive Officer, Berkshire Hathaway.

 

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