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AP |
The Kuwait Investment Authority is also making a $1 billion investment.
In a statement posted on the company's web site, Dow Chairman and CEO Andrew Liveris calls the acquisition a "game-changing" deal for Dow, and added, "We are also thrilled with the investment by Berkshire Hathaway and the Kuwait Investment Authority, which we believe underscores the merits of this transaction, our strategy and the great growth potential resulting from Dow's transformation."
It's part of Dow's strategy to try to insulate itself from the ups and downs of the basic chemical business, which is influenced by economic cycles more than the market for higher-margin specialty chemicals.
That's consistent with Buffett's investment philosophy of putting money into businesses that make and sell products with a "durable competitive advantage" over their rivals.
it's the second financing deal for Buffett this year. Berkshire is putting money into Mars' deal to buy Wrigley.
Real-time stock prices:
Rohm and Haas: [ROH
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Dow Chemical: [DOW
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Berkshire Class A: [US;BRK.A
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Berkshire Class B: [US;BRK.B
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