Berkshire Hathaway’s The Lubrizol Corporation has signed an investment intention agreement with Songjiang District People’s government, which outlined Lubrizol’s commitment to increasing investment, including setting up an R&D center and further enhancing its capabilities to drive continuous growth in China market.
On July 28, the Shanghai municipal government held a group signing ceremony for foreign investment projects in Shanghai. Lubrizol was invited to participate and signed the investment intention agreement.
As part of its commitment, Lubrizol will invest in the construction of a new “Lubrizol lubricant additive R&D center” in Songjiang, Shanghai. As an important part of Lubrizol’s global R&D network, the Shanghai R&D center will be responsible for research, design and testing of additive solutions for the Chinese transportation market, including fuel vehicles, hybrid vehicles and new energy vehicles, providing customers with reliable solutions that help the world Move Cleaner by extending product life, reducing emissions and reducing environmental impact.
Dong Jian-Wei, vice president of Lubrizol Additives in Asia Pacific, who attended the signing ceremony, said, “China continues to be an important growth region for the transportation industry, and we look forward to advancing this growth through a local R&D and innovation center to support local needs.”
He added: “Under the guidance of China’s ‘2030.2060’ dual carbon goal, many industries, including the automotive industry, are facing increasing demands for more sustainable solutions. We believe that this R&D center close to the local market will strategically improve our core technical capabilities locally, accelerate the implementation of the overall R&D strategy and objectives of the business, and support our customers.”
Since entering the Chinese market, Lubrizol has established production bases, R&D and technical service centers in Zhuhai, Guangdong and Songjiang, Shanghai to provide customers with valuable technical solutions and promote the rapid development of the company’s business in China.
© 2021 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 a 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.