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Legal Zoom, still showing lubrizol corp from former ticker.
I am curious if legal zoom can trend much higher. We will see.
Current report filing (8-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported June 28, 2011
THE LUBRIZOL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 1-5263 34-0367600
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
29400 Lakeland Boulevard, Wickliffe, Ohio 44092-2298
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (440) 943-4200
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
Item 8.01 Other Events
On June 28, 2011, the Company announced that the board of directors approved the payment on September 9, 2011, of a dividend of $.36 per share to shareholders of record on August 10, 2011. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibit. The following exhibit is filed herewith:
99.1 Press Release of The Lubrizol Corporation, dated June 28, 2011.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Love the Mad Day winks!!
Lubrizol Announces Release Date for First Quarter 2011 Earnings
CLEVELAND, April 7, 2011 - The Lubrizol Corporation (NYSE: LZ) will release earnings results for the first quarter of 2011 on Wednesday, April 27, after the close of markets. The company will not conduct an investor teleconference to discuss the results.
About The Lubrizol Corporation
The Lubrizol Corporation (NYSE: LZ) is an innovative specialty chemical company that produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Lubrizol's industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers' products, while reducing their environmental impact.
With headquarters in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 6,900 employees worldwide. Revenues for 2010 were $5.4 billion. For more information, visit www.lubrizol.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looking statements are subject to uncertainties and factors relating to Lubrizol's operations and business environment that are difficult to predict and may be beyond the control of Lubrizol. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. Uncertainties and risk factors that could affect the future performance of Lubrizol and cause results to differ from the forward-looking statements in this release include, but are not limited to, Lubrizol's ability to manage margins in an environment of volatile raw material costs; conditions affecting Lubrizol's customers, suppliers and the industries that it serves; competitors' responses to Lubrizol's products; changes in accounting, tax or regulatory practices or requirements; other factors that are set forth in management's discussion and analysis of Lubrizol's most recently filed reports with the Securities and Exchange Commission; and uncertainties associated with the proposed acquisition of Lubrizol by Berkshire Hathaway, including uncertainties relating to the anticipated timing of filings and approvals relating to the transaction, the expected timing of completion of the transaction and the ability to complete the transaction. The forward-looking statements contained herein represent Lubrizol's judgment as of the date of this communication and Lubrizol cautions readers not to place undue reliance on such statements. Lubrizol assumes no obligations to update the forward-looking statements contained in this release.
Participants in the Solicitation
The Company, its directors and officers, and its proxy solicitor, Innisfree M&A Incorporated, may be deemed to be participants in the solicitation of proxies from the Company's shareholders with respect to the special meeting of shareholders that will be held to consider the proposed transaction. Information about the Company's directors and executive officers and their ownership of the Company's common stock is set forth in its Form 10-K which was filed with the SEC on February 25, 2011 and the proxy statement for the Company's Annual Meeting of shareholders, which was filed with the SEC on March 17, 2010. Shareholders may obtain additional information regarding the interests of the Company and its directors and executive officers in the proposed transaction, which may be different than those of the Company's shareholders generally, by reading the preliminary proxy statement filed with the SEC on March 25, 2011, the definitive proxy statement (when available) and other relevant documents regarding the proposed transaction, when filed with the SEC.
Additional Information
In connection with the proposed transaction, the Company filed a preliminary proxy statement with the SEC. INVESTORS ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT AND, WHEN AVAILABLE, THE DEFINITIVE PROXY STATEMENT, BECAUSE THESE DOCUMENTS CONTAIN, IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE COMPANY. You will be able to obtain the preliminary proxy statement, the definitive proxy statement (when available) as well as other filings containing information about the Company, free of charge, at the website maintained by the SEC at www.sec.gov. Copies of the preliminary proxy statement, the definitive proxy statement (when available) and other filings made by the Company with the SEC can also be obtained, free of charge, by directing a request to The Lubrizol Corporation, 29400 Lakeland Boulevard, Wickliffe, Ohio 44092-2298, attention: Corporate Secretary.
Financial/Investor Contact
Mark Sutherland
440/347-1206
Its hold Strong here.. Hope Buffett Tosses Us a Few Shares!! LOL!
Berkshire Hathaway and Lubrizol Deal: Warren Buffett, David Sokol Must Stay Above Suspicion
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I was quoted in the Financial Times about David Sokol, CEO of a Berkshire Hathaway (BRK-A) subsidiary, buying shares in Lubrizol (LZ) a few months before Buffett’s Berkshire Hathaway bought Lubrizol at a significant premium, which made Sokol $3 million on his $10 million purchase:
“Some investors expressed concerns about Mr Sokol’s actions. ‘Any time you buy stock in a company which your employer then buys [it] just does not smell right,’ said Vitaliy Katsenelson, chief investment officer of Investment Management Associates.”
This quote slightly misstates my view, as the issue here is more complex. Sokol was the CEO of MidAmerica and NetJets (subsidiaries of Berkshire); it is not his job to look for companies for Berkshire to buy -- Buffett and Munger are in charge of Berkshire’s capital allocation decisions. Sokol bought Lubrizol for his own account because he liked the business and thought it was attractively priced. If he had never mentioned Lubrizol to Buffett, there would be no controversy today. But he did, while disclosing that he owned the stock. Buffett expressed little interest in Lubrizol.
Renewable Energy
Our goal is to empower our customers to manufacture products that are strong and efficient. Turn to Lubrizol for your global renewable energy needs.
Learn more about Lubrizol’s products for the wind energy market.
Our engineers and chemists not only develop products, but improve upon existing ones in order to best fit the needs of our customers, making them more successful at their business. Our products are used in a broad range of applications, with multiple end uses such as engine oils, specialty driveline lubricants and metalworking fluids, as well as personal care and over-the-counter pharmaceutical products and performance coatings and inks.
At Lubrizol, we are driven. Our groundbreaking patents and technologies come from our passion and commitment to research. We embrace working with our customers, striving to understand their challenges in order to provide them with customized solutions. Lubrizol’s technology in additives, ingredients and compounds not only enhances the quality, performance and value of our consumer’s products, but also works to reduce their environmental impact.
We are customer-focused. Our business was founded on a simple desire to solve a problem that would benefit all; we still operate on the same principle. This sincere commitment to helping our customers succeed has made us a market leader and global supplier for our customers' products. We are proud to be participants and competitors in a global, high-tech industry in which our leadership is the result of our fierce dedication and desire to provide the world with quality and innovative solutions.
We are internationally diverse. With more than 6,700 employees, laboratories and production facilities in 27 countries, we have the ability to supply globally and therefore meet our customers' diverse needs worldwide and compete in the international market.
We are committed. We proudly uphold the Lubrizol corporate philosophy in conducting our business with honesty and integrity. The strength of the company lies in the dedication of our employees to the company, its shareholders and customers. In these values we believe and act.
Lubrizol is all about its people. While anything is possible in a technology-driven world, at Lubrizol, we recognize that nothing is possible without our human assets. At the heart of this company are the people. The time, skills, and imagination invested are invaluable as we continue to grow the enterprise. Just as our business spans the globe, so do our employees. Accomplishments made in China are felt in the United Kingdom and applauded in the United States. At Lubrizol, we are committed to ensuring a quality work-life balance for our employees because it truly is all about the people.
Lubrizol and Nalco – Better Together at In-Cosmetics 2011
CLEVELAND, March 29, 2011 – Nalco’s personal care group was acquired by The Lubrizol Corporation (NYSE: LZ) on January 21, 2011. Both parties are operating in a business-as-usual manner and in-cosmetics is no exception with separate booth spaces, personnel and technology. However, this year customers will experience conditioning in Lubrizol’s Noveon® Consumer Specialties’ booth and rheology in the Nalco booth.
Lubrizol, at in-cosmetics booth K40, is releasing two new polymers to the Noveon Consumer Specialties product line under the Sensomer™ polymers brand. Sensomer™ CT-250 and CT-400 polymers are naturally derived, cationic polymers from the auyervedic plant, cassia, and are designed for improved deposition, distinct sensory and enhanced conditioning in hair cleansing formulations.
Nalco will present Sensomer™ CI-50 polymer, a conditioning polymer and rheology modifier, providing naturally derived, proven conditioning technology in both hair and skin care that consumers will notice. Visitors to in-cosmetics booth K70 will learn more about conditioning and product stability improvements offered by Sensomer CI-50 polymer, its packaging options, ease of application, spreadability, sprayability, dispersing ability and penetration into the skin. Data and a body lotion sample will allow customers to experience performance benefits firsthand.
Also at booth K70, Nalco will present a combination of Merquat® 2003PR and Merquat® 5210 polymers. Originally designed for sulfate-free shampoo formulations, Merquat 2003PR and Merquat 5210 polymers provide conditioning, color protection, dry feel without silicone and luxurious foam. New shampoo, conditioner, hair treatment, color protection and body wash formulations and a combing station allow customers to experience the power of the Merquat 2003PR and Merquat 5210 polymer combination.
Lubrizol acquired Nalco’s personal care group for its conditioning polymer expertise. Merquat polymer conditioning began with polyquaternium-6 and polyquaternium-7 and continues today with polyquaternium-53. Nalco’s conditioning polymer expertise combined with Lubrizol’s rheology and formulation expertise creates a winning combination for customers. “We are all better together and look forward to working with customers to take conditioning to the next level,” says Kelly Gilroy, global business manager, conditioning polymers.
About Noveon Consumer Specialties
Noveon Consumer Specialties, a Lubrizol product line, offers a versatile line of ingredients with a long history of successful use in personal care, home care and pharmaceutical formulations. Key products include synthetic and naturally-derived rheology modifiers and thickeners, fixative polymers, surfactants, specialty silicones, emulsifiers, film formers, elegant sensory modifiers and pharmaceutical ingredients. In addition, Noveon Consumer Specialties offers a line of food hydrocolloids for unique natural food texturizers in human and pet food applications. Recognized brand names include Carbopol® polymers; Pemulen™ polymeric emulsifiers; Fixate™ hair fixative polymers, SilSense® specialty silicones; Schercemol™ and Hydramol™ specialty esters; methyl glucoside derivatives such as Glucamate™ thickeners and Glucam™ emulsifiers; Amidex™ and Sulfochem™ surfactants; and RheoRanger and Diagum™ hydrocolloids.
News Release
Berkshire Hathaway to Acquire Lubrizol for $135 per Share in an All-Cash Transaction
•28 Percent Premium Represents Compelling Value for All Lubrizol Stakeholders
Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) and The Lubrizol Corporation (NYSE: LZ) today announced a definitive agreement for Berkshire Hathaway to acquire 100% of outstanding Lubrizol shares for $135 per share in an all-cash transaction. The transaction, which was unanimously approved by the board of directors of each company, is valued at approximately $9.7 billion, including approximately $0.7 billion in net debt, making it one of the largest acquisitions in Berkshire Hathaway history. This price represents a 28 percent premium over Lubrizol's closing price on Friday, March 11, 2011, and is also 18 percent higher than Lubrizol's all-time high share closing price.
"Lubrizol is exactly the sort of company with which we love to partner - the global leader in several market applications run by a talented CEO, James Hambrick," said Warren Buffett, Berkshire Hathaway chief executive officer. "Our only instruction to James - just keep doing for us what you have done so successfully for your shareholders."
James Hambrick, Lubrizol chairman, president and chief executive officer, said, "This transaction provides compelling value to our shareholders and is a clear endorsement of the growth and diversification success Lubrizol has achieved. We are very excited to have the opportunity to become part of the Berkshire Hathaway family. We believe its philosophy of supporting long-term global investments in technology, assets and employees will enhance execution of our growth strategies. Such a long-term commitment is more important than ever in today's global economy to deliver true market-leading products and services for our customers."
The transaction is subject to the approval of Lubrizol's shareholders and the satisfaction of customary closing conditions, including the expiration of waiting periods and the receipt of approvals under the Hart-Scott-Rodino Antitrust Improvements Act and applicable non-U.S. merger control regulations. Berkshire Hathaway and Lubrizol expect the transaction to be completed during the third quarter of 2011.
After the close of the transaction, Lubrizol will operate as a subsidiary of Berkshire Hathaway and will continue to provide innovative technology, outstanding service and superior global supply chain support to its customers. Lubrizol will remain located at its Wickliffe, Ohio, headquarters and will continue to be led by its current management team.
Citi and Evercore Partners are acting as financial advisors to Lubrizol, and Lubrizol's legal counsel is Jones Day. Berkshire Hathaway's transaction counsel is Munger, Tolles & Olson LLP.
About Berkshire Hathaway
Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Berkshire's common stock is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
About The Lubrizol Corporation
The Lubrizol Corporation (NYSE: LZ) is an innovative specialty chemical company that produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology; and performance coatings in the form of specialty resins and additives. Lubrizol's industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers' products, while reducing their environmental impact.
With headquarters in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 6,900 employees worldwide. Revenues for 2010 were $5.4 billion. For more information, visit www.lubrizol.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looking statements are subject to uncertainties and factors relating to Lubrizol's operations and business environment that are difficult to predict and may be beyond the control of Lubrizol. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. Uncertainties and risk factors that could affect the future performance of Lubrizol and cause results to differ from the forward-looking statements in this release include, but are not limited to, Lubrizol's ability to manage margins in an environment of volatile raw material costs; conditions affecting Lubrizol's customers, suppliers and the industries that it serves; competitors' responses to Lubrizol's products; changes in accounting, tax or regulatory practices or requirements; other factors that are set forth in management's discussion and analysis of Lubrizol's most recently filed reports with the Securities and Exchange Commission; and uncertainties associated with the proposed acquisition of Lubrizol by Berkshire Hathaway, including uncertainties relating to the anticipated timing of filings and approvals relating to the transaction, the expected timing of completion of the transaction and the ability to complete the transaction. The forward-looking statements contained herein represent the companies' judgment as of the date of this release and they caution readers not to place undue reliance on such statements. Berkshire and Lubrizol assume no obligations to update the forward-looking statements contained in this release.
Participants in Solicitation
Lubrizol and its directors and officers may be deemed to be participants in the solicitation of proxies from Lubrizol's shareholders with respect to the special meeting of shareholders that will be held to consider the proposed transaction. Information about Lubrizol's directors and executive officers and their ownership of Lubrizol's common stock is set forth in the proxy statement for Lubrizol's Annual Meeting of shareholders, which was filed with the SEC on March 17, 2010. Shareholders may obtain additional information regarding the interests of Lubrizol and its directors and executive officers in the proposed transaction, which may be different than those of Lubrizol's shareholders generally, by reading the proxy statement and other relevant documents regarding the proposed transaction, when filed with the SEC.
Additional Information
In connection with the proposed transaction, Lubrizol will file a proxy statement with the SEC. INVESTORS ARE URGED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND LUBRIZOL. You will be able to obtain the proxy statement, as well as other filings containing information about Lubrizol, free of charge, at the website maintained by the SEC at www.sec.gov. Copies of the proxy statement and other filings made by Lubrizol with the SEC can also be obtained, free of charge, by directing a request to The Lubrizol Corporation, 29400 Lakeland Boulevard, Wickliffe, Ohio 44092-2298, attention: Mark Sutherland, or by calling Mark Sutherland at (440) 347-1206.
SOURCE: The Lubrizol Corporation
Berkshire Hathaway:Financial/InvestorsMarc D. Hamburg, 402-346-1400orLubrizol:Financial/InvestorsMark Sutherland, 440-347-1206orMediaJulie Young, 440-347-4432
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