Calumet Specialty Products Partners has acquired Penreco, a firm owned by ConocoPhillips and M E Zukerman Specialty Oil, for approximately $267 million in cash, excluding customary post-closing purchase price adjustments.
The acquisition includes plants in Karns City of Pennsylvania and Dickinson of Texas, US, as well as several long-term supply agreements with ConocoPhillips.
The transaction was funded through a portion of combined proceeds from a public equity offering and a new term loan agreement.