Lubrizols acquisition of grease manufacturer Chemtool remains under Federal Trade Commission review, and Lubrizol expects to close on the deal once the review is complete.
Originally announced in November 2011, the acquisition at the time was expected to close by year end. Wickliffe, Ohio-based Lubrizol had said Chemtools private label grease manufacturing would be a good fit with Lubrizols additives business.
Lubrizol and Chemtool remain committed to completing this transaction and are continuing to work through the necessary steps to ensure a successful deal close, Lubrizol said in a statement provided to Lube Report. Lubrizol and Chemtool are working with the Federal Trade Commission to provide information and expedite the transaction close. …we are in complicated industries serving a variety of markets and customers. As such, the FTC is being diligent in its review of the transaction. Lubrizol and Chemtool are working closely with the FTC to enable the agency to better understand the businesses and efficiently complete its review process. Lubrizol expects the transaction to close promptly once the FTC has completed its review.
Last year Lubrizol was acquired by Berkshire Hathaway for $9.7 billion.
For more details on Lubrizols acquisition of Rockton, Ill.-headquartered Chemtool, read the Nov. 16, 2011 Lube Report article.