Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) is buying Phillips Specialty Products Inc.

Phillips Specialty is the flow improver business of Phillips 66 (NYSE: PSX). The business specializes in drag reduction and developing polymers to maximize the flow potential of pipelines. For the Phillips Specialty business, Phillips 66 will receive shares of Phillips 66 common stock that Berkshire Hathaway owns.

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