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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.
"This transaction strengthens our financial position and catalyzes a significant resource opportunity we've been building in our oil and gas business for the last decade," said Vicki Hollub, the chief executive officer of Occidental Petroleum, in a press release. 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; subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for a list of related project reports.
"Berkshire is acquiring a robust portfolio of operating assets, supported by an accomplished team," said Greg Abel, the vice chairman of Non-Insurance Operations at Berkshire, in a press release. "We look forward to welcoming OxyChem as an operating subsidiary within Berkshire."
OxyChem's active projects include a $1.1 billion expansion of its Battleground Chlor-Alkali Plant in La Porte, Texas, nicknamed "Project Redstone." The subsidiary plans to substantially boost its production of chlorine and caustic soda--which presently totals 527,800 and 580,000 metric tons per year, respectively--through the addition and modernization of equipment and cell technology. New components will include a cell room that could house more than 3,000 electrolytic cells.
Subscribers can learn more about the Battleground development from a detailed project report and plant profile.
The sale of the OxyChem business will not affect Occidental's ownership of another subsidiary heavily involved in the Chemical Processing Industry: Oxy Low Carbon Ventures LLC, which develops low-carbon and decarbonization technology, including direct air capture (DAC). Industrial Info is tracking more than $7.4 billion worth of projects from Oxy Low Carbon, including a proposed, commercial-scale bio-ethylene plant in Gregory, Texas, which would convert carbon dioxide (CO2) and water into 12 metric tons per year of bio-ethylene.
Subscribers can learn more about the Gregory development, which is in its early planning phases, from a detailed project report and plant profile.
Deal Bolsters Berkshire's Chemical Role
The OxyChem deal does not represent Berkshire's first foray into the Chemical Processing Industry. Its current holdings include specialty chemical maker Lubrizol, which it acquired in 2011. Lubrizol produces specified chemical materials for the construction, energy, transportation and pharmaceutical markets, among others. Industrial Info is tracking progress at 28 Lubrizol plants across the Americas, Europe and Asia; subscribers can click here for a list of detailed plant profiles.
In the U.S., Lubrizol is weighing proposed expansions at two of its production facilities: an expansion of its coatings and resins plant in Avon Lake, Ohio, which would double the plant's production of its Solsperse brand of hyperdispersants, which are used widely by coating and ink makers; and an expansion of its chlorinated polyvinyl chloride (CPVC) plant in Louisville, Kentucky, which would add one or two new production lines of its TempRite brand of CPVC, which is used in plumbing, fire safety and other building applications.
Lubrizol also is preparing for a series of maintenance-related projects at its facilities over the next two years. Subscribers can read detailed reports on the projects in Avon Lake and Louisville, and can click here for a list of reports for maintenance-related projects.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
"This transaction strengthens our financial position and catalyzes a significant resource opportunity we've been building in our oil and gas business for the last decade," said Vicki Hollub, the chief executive officer of Occidental Petroleum, in a press release. 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; subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for a list of related project reports.
"Berkshire is acquiring a robust portfolio of operating assets, supported by an accomplished team," said Greg Abel, the vice chairman of Non-Insurance Operations at Berkshire, in a press release. "We look forward to welcoming OxyChem as an operating subsidiary within Berkshire."
OxyChem's active projects include a $1.1 billion expansion of its Battleground Chlor-Alkali Plant in La Porte, Texas, nicknamed "Project Redstone." The subsidiary plans to substantially boost its production of chlorine and caustic soda--which presently totals 527,800 and 580,000 metric tons per year, respectively--through the addition and modernization of equipment and cell technology. New components will include a cell room that could house more than 3,000 electrolytic cells.
Subscribers can learn more about the Battleground development from a detailed project report and plant profile.
The sale of the OxyChem business will not affect Occidental's ownership of another subsidiary heavily involved in the Chemical Processing Industry: Oxy Low Carbon Ventures LLC, which develops low-carbon and decarbonization technology, including direct air capture (DAC). Industrial Info is tracking more than $7.4 billion worth of projects from Oxy Low Carbon, including a proposed, commercial-scale bio-ethylene plant in Gregory, Texas, which would convert carbon dioxide (CO2) and water into 12 metric tons per year of bio-ethylene.
Subscribers can learn more about the Gregory development, which is in its early planning phases, from a detailed project report and plant profile.
Deal Bolsters Berkshire's Chemical Role
The OxyChem deal does not represent Berkshire's first foray into the Chemical Processing Industry. Its current holdings include specialty chemical maker Lubrizol, which it acquired in 2011. Lubrizol produces specified chemical materials for the construction, energy, transportation and pharmaceutical markets, among others. Industrial Info is tracking progress at 28 Lubrizol plants across the Americas, Europe and Asia; subscribers can click here for a list of detailed plant profiles.
In the U.S., Lubrizol is weighing proposed expansions at two of its production facilities: an expansion of its coatings and resins plant in Avon Lake, Ohio, which would double the plant's production of its Solsperse brand of hyperdispersants, which are used widely by coating and ink makers; and an expansion of its chlorinated polyvinyl chloride (CPVC) plant in Louisville, Kentucky, which would add one or two new production lines of its TempRite brand of CPVC, which is used in plumbing, fire safety and other building applications.
Lubrizol also is preparing for a series of maintenance-related projects at its facilities over the next two years. Subscribers can read detailed reports on the projects in Avon Lake and Louisville, and can click here for a list of reports for maintenance-related projects.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
