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Calumet Specialty Products Partners, L.P. Closes on Acquisition of Penreco

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Calumet Specialty Products Partners, L.P. closed the acquisition of Penreco, a Texas general partnership, on Jan. 3, 2008 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 Corp. 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.

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