Berkshire Wades Further into Chemicals Market with OxyChem Buy

Researched by Industrial Info Resources (Sugar Land, Texas)--Berkshire Hathaway Incorporated (Omaha, Nebraska) announced Thursday it would acquire Occidental Petroleum Corporation's (Houston, Texas) largest chemical business, OxyChem, in an all-cash transaction for $9.7 billion. Berkshire already holds a 28.2% stake in Occidental, and its purchase of OxyChem, which is expected to close in the fourth quarter, broadens its role in the global Chemical Processing Industry. Industrial Info is tracking dozens of chemical-related projects worldwide from both companies. Altogether, Industrial Info is tracking more than $13 billion worth of active and proposed projects globally from Occidental, the bulk of which are in the Oil & Gas Production Industry.