As its rival shines, Aceto Corp. stock slides onto "laggards" list
Aceto logo.
In the specialty chemical industry this week the spotlight is on Lubrizol, a mid-sized rival to Long Island's largest chemical company, Lake Success-based Aceto Corp.
Lubrizol's strong financial performance led investor Warren Buffett's Berkshire Hathaway to announce on Monday that he will buy it for $9 billion.
Meanwhile, though, Lubrizol’s Long Island rival, Aceto, on Monday continued its two-month share price slide, opening at $7.11, down from a high of $9.39 in January.
Aceto is also on the "Laggards" list of a major trade publication. Aceto is a distributor of specialty chemicals for a range of uses from agricultural to pharmaceutical.
ChemicalWeek, in its CW 75 Index, ranks and tracks performance for the world's top 75 chemical companies by a variety of standards.
Overall, ranked by revenues, market capitalization and other standards, Aceto ranks No. 73 on the list, while Lubrizol, of Ohio, ranks No. 27.
On the Laggards list, compiled Feb. 21, ChemicalWeek ranked the top 75 companies by share price performance. Aceto ranked No. 69, with a loss of 7.7 percent in its share price.
In Monday's deal, Buffett's investment company Berkshire Hathaway will pay $135 per share for Lubrizol, a 28 percent premium to its closing stock price Friday of $105.44.
Sarra Sounds Off, Ep. 21 Massapequa, Miller Place wrestling champs Newsday's Gregg Sarra talks about Massapequa and Miller Place wrestling teams winning state dual meet championships and Jonathan Ruban takes a look at the undefeated Northport girls basketball team.
Sarra Sounds Off, Ep. 21 Massapequa, Miller Place wrestling champs Newsday's Gregg Sarra talks about Massapequa and Miller Place wrestling teams winning state dual meet championships and Jonathan Ruban takes a look at the undefeated Northport girls basketball team.
