Lubrizol acquire Weatherford’s oilfield chemicals, drilling fluids businesses

Lubrizol to acquire Weatherford’s oilfield chemicals, drilling fluids businesses

11:34 AM, 2nd December 2014
Lubrizol to acquire Weatherford’s oilfield chemicals, drilling fluids businesses

CLEVELAND, US: The Lubrizol Corporation has signed an agreement to acquire Weatherford International’s oilfield chemicals business, known as Engineered Chemistry and its drilling fluids business, known as Integrity Industries. The addition of these two businesses provide Lubrizol with a more significant footprint in the $20 billion oilfield chemicals business and more importantly, extensive applications experience and end-user relationships.

Once the transaction is complete, Engineered Chemistry and Integrity Industries, along with Lubrizol’s legacy energy and water business and Berkshire Hathaway portfolio company, Lubrizol Specialty Products, Inc, will become a new business segment for Lubrizol. The new segment, Lubrizol Oilfield Solutions, will join Lubrizol’s other business segments, Lubrizol Additives and Lubrizol Advanced Materials. Within this new segment, Engineered Chemistry and Integrity Industries will operate independently. The transaction is expected to close by the end of the year following receipt of all customary regulatory approvals.

“This proposed acquisition provides us a new growth platform as we build out a multi-billion business in specialty chemicals and drilling fluids for the oilfield space. With the addition of the companies’ technologies, combined with improved fluid formulation and applications knowledge, Lubrizol will be better positioned to innovate more quickly and become a solutions provider for both multinational oilfield service companies as well as more regional customers which have a significant share of the North American market,” said James L Hambrick, Chairman, President and Chief Executive Officer, Lubrizol.

 

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