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Article Excerpt
INDIANAPOLIS, Jan. 4 /PRNewswire-FirstCall/ -- Calumet Specialty Products Partners, L.P. (the "Partnership" or "Calumet") closed the acquisition of Penreco, a Texas general partnership, on January 3, 2008 for approximately $267 million in cash, excluding customary post-closing purchase price adjustments.
Penreco was owned by ConocoPhillips Company and M.E. Zukerman Specialty Oil Corporation. Penreco manufactures and markets highly refined products and specialty solvents including white mineral oils, petrolatums, natural petroleum sulfonates, cable-filling compounds, refrigeration oils, food-grade compressor lubricants and gelled products. The acquisition includes plants in Karns City, PA and Dickinson, TX, as well as several long-term supply agreements...
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