Berkshire Hathaway Buying Chemical Maker

Omaha, NE, March 14, 2011 — Berkshire Hathaway, parent company of Shaw Industries, has agreed to acquire 100% of chemical maker Lubrizol for $135 per share in an all-cash deal.

The deal is valued at approximately $9.7 billion, including around $700 million in net debt.

“Lubrizol is exactly the sort of company with which we love to partner — the global leader in several market applications run by a talented CEO, James Hambrick,” said Buffett, Berkshire Hathaway’s chief executive officer, in a statement.

After the deal closes, Lubrizol will operate as a subsidiary of Berkshire Hathaway. It will continue to be led by its current management team.

Lubrizol, among many other applications, makes surfactants for carpet and upholstery shampoos.