Lubrizol, the chemical-additives business at Warren Buffett’s Berkshire Hathaway Inc., agreed to buy two units from Weatherford International Plc for at least $750 million after the seller was squeezed by lower oil prices.
The price for the oilfield-chemicals and drilling-fluids businesses can climb to $825 million depending on their performance, Geneva-based Weatherford said Monday in a statement.
Lubrizol Chief Executive Officer James Hambrick, who sold his company to Omaha, Nebraska-based Berkshire in 2011, has been expanding the operation through acquisitions. The company in February added a pipeline-flow-improver unit from Phillips 66.
The Weatherford deal “provides us a new growth platform as we build out a multibillion business in specialty chemicals and drilling fluids for the oilfield space,” Hambrick said in a statement.
The deal is expected to be completed by the end of this year, according to the statement.
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