Cleveland Orchestra gets $1 million pledge from Lubrizol Corp.

Posted on: August 19, 2011

In Thursday’s (8/18) Crain’s Cleveland Business, Scott Suttell writes, “Specialty chemicals maker Lubrizol Corp. (NYSE: LZ) of Wickliffe said it has pledged $1 million to the Cleveland Orchestra’s ‘Sound for the Centennial’ campaign. The money, payable over three years, is designated toward orchestra education and community programs. Payments will begin during the first quarter of 2012, the company said. James L. Hambrick, Lubrizol chairman, president and CEO, said in a statement, ‘We are honored to be in a position to support the orchestra in such a significant way as they approach their centennial. Beginning with Lubrizol’s founders, the company has maintained a commitment to supporting the communities in which it operates and what better way to continue this tradition than with ensuring the future of the orchestra, a true regional gem.’ Lubrizol shareholders voted in June to approve the company’s acquisition by Berkshire Hathaway at a price of $135 a share in an all-cash transaction. Lubrizol expects the deal to close by September.” A press release on the Lubrizol website notes that, “After the close of the transaction, Lubrizol will operate as a subsidiary of Berkshire Hathaway … will remain located at its Wickliffe, Ohio, headquarters and will continue to be led by its current management team.”

Posted August 19, 2011