Berkshire Hathaway completed its $9.7 billion acquisition of OxyChem from Occidental. This transaction significantly expands Berkshire’s presence in the chemical manufacturing sector.
OxyChem produces essential chemicals, including polyvinyl chloride and chlor-alkali. The company maintains operations across the United States, Canada, and Latin America.
OxyChem products are crucial for applications such as water treatment, pharmaceuticals, manufacturing, and construction. Wade Alleman will remain the President and CEO, continuing to manage the company.
The deal marks a significant deployment of capital for Berkshire. It is the first major acquisition under CEO Greg Abel, who officially took the reins following Warren Buffett’s retirement.