Berkshire Hathaway will acquire Occidental’s chemical business, OxyChem, in an all-cash transaction for $9.7 billion, according to a jointly issued Oct. 2 press release.

OxyChem is a global manufacturer of commodity chemicals with applications in water treatment, pharmaceuticals, healthcare, and commercial and residential development.

“This transaction strengthens our financial position and catalyzes a significant resource opportunity we’ve been building in our oil and gas business for the last decade. I’m incredibly proud of the impressive work the team has done to create this strategic opportunity that will unlock 20+ years of low-cost resource runway and deliver meaningful near and long-term value,” Occidental President and CEO Vicki Hollub said. “OxyChem has grown under Occidental into a well-run, safely operated business with best-in-class employees, and we are confident the business and those employees will continue to thrive under Berkshire Hathaway’s ownership.”

Oxychem will operate as a subsidiary of Berkshire, which also owns TTI, No. 6 on MDM’s 2025 Top Distributors List for Electronics.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and other customary closing conditions.