Lubrizol Buying Lipotec

Specialty chemical maker Lubrizol is buying Spanish skincare products maker Lipotec to bolster its personal care business.

CLEVELAND (AP) -- Specialty chemical maker Lubrizol Corp. is buying Spanish skincare products maker Lipotec SA to bolster its personal care business. Financial terms were not disclosed.

Lubrizol, which was purchased by Warren Buffett's Berkshire Hathaway Inc. last year, said Wednesday that the acquisition includes Lipotec's cosmetic active ingredients business and its subsidiaries, Diverdrugs and Lipofoods.

Lipotec, whose brands include Snap 8 and Eyeseryl, is based in Barcelona, Spain.

The deal is expected to close within 60 days. Once complete, Lipotec will be folded into Lubrizol's advanced materials business. Lipotec, Diverdrugs and Lipofoods will keep their names.

Last month Berkshire Hathaway reported that its first-quarter profit more than doubled because the company's insurance units avoided major disaster losses and the paper value of its derivative contracts improved.

Berkshire owns roughly 80 subsidiaries, including clothing, furniture and jewelry firms. Its insurance and utility businesses typically account for more than half of the company's net income. It also has major investments in such companies as Coca-Cola Co. and Wells Fargo & Co.

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