The refinery produces gasoline, distillate, asphalt and specialty petroleum products that are marketed in the Midwest region of the US, as well as into Canada and surrounding border states.
The acquisition includes inventories valued at about $260m as of 30 June 2011 and various owned and leased finished product terminals.
Calumet plans to finance this acquisition primarily through a combination of equity and long-term debt.
The transaction, which is subject to customary closing conditions and regulatory approval, is expected to be closed by the end of the third quarter of this year.
Calumet vice chairman and CEO Bill Grube said the acquired assets will increase the company’s current throughput capacity by 50% to about 135,000 barrels per day and will add beneficial geographical diversity to its assets.
