Berkshire Hathaway will purchase Phillips Specialty Products Inc. (PSPI) — the pipeline flow improver subsidiary of Phillips 66 — the companies announced Monday. The move is part of Phillips 66’s plan to focus more on its midstream and chemicals segments, which are receiving big capital spending boosts in 2014. Berkshire Hathaway CEO Warren Buffett said in a statement he would appoint Lubrizol Corp. CEO James L. Hambrick to steer PSPI’s post-acquisition strategy. The deal is expected to close in the first half of next year.
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