Categories
Lubrizol

Lubrizol Sets Up Fund for Environmental Damage from Rouen Fire

(BRK.A), (BRK.B)

According to the newspaper Les Echoes, Lubrizol will set up a fund of roughly 50 million euros pay for the losses of farmers and other industries affected by the fire that destroyed its chemical plant in Rouen, Normandy, France.

An estimated 5,250 tons of chemicals, oil and fuel additives went up in flames in a massive fire that caused roughly 40 to 50 million euros ($44-55 million) in agricultural losses in the surrounding area, according to France’s Agricultural Minister.

The government has ordered a ban on the harvesting of crops and sale of animal products from the area due to the oily soot that blanketed the countryside.

According to Les Echoes, Lubrizol will directly compensate some 450 farmers in the region due to the ban on milk production because of the blaze.

The Rouen plant was founded in 1954, and manufactured and packaged additives for lubricants and paint.

No casualties have been reported and the cause of the blaze has yet to be determined.

© 2019 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.