30 December 2013
Details
Berkshire Hathaway Inc.
is acquiring Phillips Specialty Products Inc. (PSPI),
a flow improver business,
from Phillips 66.
PSPI leads the science of drag reduction and
specializes in developing polymers
to maximize the flow potential of pipelines.
This transaction is part of Phillips 66's ongoing
portfolio managment and
supports company's growth strategy.
Phillips 66,
Greg Garland , Chairmand and CEO
- Berkshire Hathaway made a strong offer for
our high-performing flow improver business.
- This transaction optimizes our portfolio and
focuses growth on our Midstream and Chemicals Businesses.
Berkshire Hathaway,
Warren E. Buffett, Chief Executive Officer
- 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,
to oversee its strategic direction.
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