Calumet Specialty Products Partners, L.P. Completes Acquisition of TruSouth Oil
INDIANAPOLIS, Jan. 6, 2012 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (CLMT) ("Calumet") said today that its wholly owned subsidiary Calumet Lubricants Co., L.P. has acquired all of the outstanding membership interests of TruSouth Oil, LLC, a specialty petroleum packaging and distribution company located in Shreveport, Louisiana ("TruSouth"). Immediately prior to its acquisition by Calumet, TruSouth was owned in part by Fred M. Fehsenfeld, Jr., the chairman of the board of directors of Calumet's general partner; the spouse of F. William Grube, the vice chairman of the board of directors and chief executive officer of Calumet's general partner; and other members of the Fehsenfeld and Grube families, who also own Calumet's general partner. The terms of the acquisition, which were not disclosed, were unanimously approved by the board's conflicts committee, which is composed entirely of independent directors.
TruSouth, formed in 2006, manufactures and markets a variety of specialty products including motor oils, gear oils, engine oils, automotive fluids and specialty engineered fuel and oil mix products. TruSouth's assets include an 85,000 square foot production and warehouse facility with state-of-the-art blending and packaging equipment and bulk tank storage capacity of approximately 1.5 million gallons.
"All the employees at TruSouth have done an excellent job in growing this business over the past five years through development and production of high-quality specialty products," said Bill Anderson, Calumet's Vice President of Sales and Marketing. "We are pleased to complete this acquisition and look forward to continuing TruSouth's growth in their products and brands as well as further integration with Calumet's specialty products portfolio," said Anderson.
Calumet is a master limited partnership and is a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products. Calumet also produces fuel products including gasoline, diesel and jet fuel. Calumet is based in Indianapolis, Indiana and has eight facilities located in northwest Louisiana, northwest Wisconsin, western Pennsylvania, southeastern Texas and eastern Missouri.
This press release includes statements that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. Factors that can affect future results are discussed in Calumet's Annual Report on Form 10-K and other reports filed by Calumet from time to time with the Securities and Exchange Commission. Calumet undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
SOURCE Calumet Specialty Products Partners, L.P.