Berkshire Hathaway to Acquire Business from Phillips 66

MarineLink.com
Tuesday, December 31, 2013

Berkshire Hathaway is acquiring Phillips Specialty Products Inc. (PSPI), a flow improver business, from Phillips 66 (NYSE: PSX). 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.


“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.”


“I have long been impressed by the strength of the Phillips 66 business portfolio,” commented Warren E. Buffett, Berkshire Hathaway chief executive officer. “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.”


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 management and supports the company’s growth strategy.


“Berkshire Hathaway made a strong offer for our high-performing flow improver business,” said Greg Garland, Chairman and CEO of Phillips 66. “This transaction optimizes our portfolio and focuses growth on our Midstream and Chemicals businesses.”


Following regulatory review, the transaction is expected to close in the first half of 2014.
 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Golden Ocean Reshuffles Fleet, Delays Newbuilds

Golden Ocean Group Limited has entered into several agreements concerning its fleet. Golden Ocean has agreed with Ship Finance International Ltd ("Ship Finance")

Royal IHC Congratulates the King in a Special Way

  Royal IHC is very honored to be part of the program on the King’s Birthday. Among other activities, the King and his family will be viewing a ‘Grande

USCG Refloat Grounded Bulker on St. Marys River

The grounded 603-foot Canadian bulk carrier Mississagi was successfully refloated on the St. Marys River following operations to offload approximately 2,000 tons of stone, Saturday.

Offshore

Royal IHC Congratulates the King in a Special Way

  Royal IHC is very honored to be part of the program on the King’s Birthday. Among other activities, the King and his family will be viewing a ‘Grande

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Energy

Golden Ocean Reshuffles Fleet, Delays Newbuilds

Golden Ocean Group Limited has entered into several agreements concerning its fleet. Golden Ocean has agreed with Ship Finance International Ltd ("Ship Finance")

Royal IHC Congratulates the King in a Special Way

  Royal IHC is very honored to be part of the program on the King’s Birthday. Among other activities, the King and his family will be viewing a ‘Grande

Goliat FPSO in Norway

The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest,

Offshore Energy

Royal IHC Congratulates the King in a Special Way

  Royal IHC is very honored to be part of the program on the King’s Birthday. Among other activities, the King and his family will be viewing a ‘Grande

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Four Petrobras Platforms Halt Output Due to Oil Leak

Four Petrobras oil platforms off the northeast coast of Brazil have halted production after a leak of about 7,000 liters of oil was detected coming from a pipeline linking them,

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1330 sec (8 req/sec)