Calumet acquires New Jersey lubricant maker

Resource from: Indianapolis Business Journal Likes:178

Dec 25,2013

Calumet Specialty Products Partners LP has acquired New Jersey-based lubricant manufacturer Bel-Ray Co. Inc., Indianapolis-based Calumet announced Tuesday. Financial terms were not disclosed. The acquisition includes Bel-Ray's 32-acre factory in New Jersey, which Calumet noted gives the company access to ports in New York, Newark and Philadelphia. Bel-Ray, founded in 1946, makes lubricants for industries including aerospace, automotive, energy, food, marine, military, mining, motorcycle, powersports, steel and textile. “This transaction signals our ongoing commitment to growing a global specialty products business," Jennifer Straumins, Calumet’s president and chief operating officer, said in a prepared statement. “Bel-Ray’s New Jersey-based manufacturing plant will provide us with an East Coast facility capable of serving both domestic and export markets.” Calumet, which refines crude oil and makes specialty lubricants, has been on an acquisition spree since 2011. Previous acquisitions included TruSouth Oil, Royal Purple, Montana Refining and NuStar Energy. It also bought a Murphy Oil refinery in Wisconsin and a synthetic lubricant division from Hercules Inc. Calumet has disclosed dollar amounts for about half the acquisitions for a total of more than $1 billion. The company also announced investments in a pipeline in November and a facility expansion in Pennsylvania in July 2012. About 1,250 people worked for Calumet as of March. Calumet’s shares were down 75 cents Tuesday morning, to $25.08. The company on Nov. 6 reported a $34.8 million net loss on $1.5 billion in revenue for its latest quarter. That compared to a $42.4 million profit on $1.2 billion in revenue a year earlier.

(Indianapolis Business Journal)

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