The Federal Trade Commission has closed its investigation into Lubrizols acquisition of Rockton, Ill.-based grease manufacturer Chemtool, clearing the way for completion of the deal, the commission disclosed in letters on its web site.
The acquisition was originally announced in November 2011. Wickliffe, Ohio-based Lubrizol had said Chemtools private label grease manufacturing would be a good fit with Lubrizols additives business. In 2011, Lubrizol was acquired by Berkshire Hathaway for $9.7 billion.
According to the FTCs letters dated Feb. 28 – delivered to attorneys representing Berkshire Hathaway, Lubrizol and Chemtool – the commission had been conducting a non-public investigation to determine whether the proposed Chemtool acquisition may violate Section 7 of the Clayton Act or Section 5 of the Federal Trade Commission Act.
Upon further review of this matter, it now appears that no further action is warranted by the commission at this time, the FTC stated. Accordingly, the investigation has been closed.