01 October 2012 20:16 [Source: ICIS news]
HOUSTON (ICIS)--US base oils and paraffin wax producer Calumet Specialty Products Partners announced on Monday that it completed the previously announced acquisition of Montana Refining Company.
Calumet said the deal was completed for $120m (€93.6m) plus an amount for estimated closing date working capital, for an aggregate consideration paid of approximately $201m.
Montana Refining owns and operates a refinery in Great Falls, Montana, with crude oil throughput capacity of approximately 9,800 bbl/day.
The refinery produces gasoline, middle distillates and asphalt, which Montana Refining markets primarily into local markets in Washington, Montana and Idaho, as well as Alberta, Canada.
"Starting with our acquisition of the Superior refinery in September 2011, we have spent approximately $1bn on complementary acquisitions over the past year," said Calumet CEO Bill Grube.
The Montana Refining acquisition was funded primarily with cash on hand, with the balance through borrowings under Calumet's senior secured revolving credit facility, the company said.
Headquartered in Indianapolis, Indiana, Calumet processes crude oil and other feedstocks into lubricating oils, solvents, waxes and asphalt used in consumer, industrial and automotive products.
Calumet has 10 plants located in northwest Louisiana, northwest Wisconsin, northern Montana, western Pennsylvania, southeastern Texas and eastern Missouri.
($1 = €0.78)
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