Calumet Specialty Products Partners, L.P. closed the acquisition of Penreco, a Texas general partnership for approximately $267 million in cash, excluding customary post-closing purchase price adjustments.
Penreco was owned by ConocoPhillips Company and M.E. Zukerman Specialty Oil Corporation. Penreco, which also owned Magie Bros., manufactures and markets highly refined products and specialty solvents including white mineral oils, petrolatums, natural petroleum sulfonates, cable-filling compounds, refrigeration oils, food-grade compressor lubricants and gelled products. The acquisition includes plants in Karns City, PA and Dickinson, TX, as well as several long-term supply agreements with ConocoPhillips Company.
Calumet Specialty Products Partners, L.P. is a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil into customized lubricating oils, solvents, and waxes used in consumer, industrial, and automotive products. Calumet also produces fuel products including gasoline, diesel fuel and jet fuel. Calumet is based in Indianapolis, Indiana and has three plants located in northwest Louisiana.