Berkshire Hathaway announced plans on Monday to buy the company Lubrizol, a specialty chemicals maker, for $9.7 billion, or $135 a share.
After Buffet told his investors that he was ready to start buying again he went out and made his biggest purchase since Berkshire Hathaway purchased Burlington Northern Santa Fe in late 2009. The company had previously been sitting on a $38 billion cash pile.
With the purchase, Buffet intends to keep the Lubrizol company structure intact, and has told current-CEO James Hambrick to just keep working.
Lubrizol was founded in 1928 in Wickliffe, Ohio, and employs 6,900 staff members worldwide, with plants located in 17 different countries.