UPDATE 1-Calumet boosts lubricants business with $335 mln buy
June 6 |
June 6 (Reuters) - Calumet Specialty Products LP will buy privately held Royal Purple Inc for about $335 million to bulk up its lubricants offering.
Royal Purple makes high-performance lubricants primarily for automotive, industrial, marine, motorcycle and racing applications.
Calumet, which makes lubricating oils, solvents, waxes and asphalt, expects the deal to close by the middle of July.
Indianapolis, Indiana-based Calumet will finance the deal with cash on hand and borrowings.
Royal Purple will be converted into a limited liability company, and Calumet will acquire 100 percent of the membership interests to effect the deal, the company said in a statement.
Shares of Calumet, which has a market value of $1.25 billion, were up 3 percent in early trade on Wednesday.
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