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Monday, December 1, 2014

Weatherford sells chemicals, drilling fluids units to Lubrizol, (NYSE: WFT)

Oilfield services provider Weatherford International Plc said Berkshire Hathaway Inc's Lubrizol Corp would pay $750 million in cash for two businesses that provide chemicals and drilling fluids for oil and gas production.Weatherford said the sale of its engineered chemistry and integrity drilling fluids businesses also included a potential increase of $75 million tied to the performance of the units after the closure of the deal, expected by the end of this month.Engineered chemistry supplies additives and fluids for a range of oilfield activities, including cementing, drilling and fracking. The other unit makes drilling fluids and additives for enhanced performance of drilling operations.The sale is part of Weatherford's broader plan to divest non-core businesses and repay debt. The company has raised about $1.8 billion from divestitures this year.

West Fraser Timber Co. Ltd. is a Canada-based wood products company. Shares of WFT fell by 14.38% or $-2.2/share to $13.10. In the past year, the shares have traded as low as $12.88 and as high as $24.88. On average, 9266860 shares of WFT exchange hands on a given day and today's volume is recorded at 9879881.