Calumet Specialty Products Partners Completes Acquisition of Montana Refining Company
Calumet Specialty Products Partners (NASDAQ: CLMT) announced today that it completed the previously announced acquisition of Montana Refining Company, Inc. ("Montana Refining") on October 1, 2012 for $120 million plus an amount for estimated closing date working capital, for aggregate consideration paid of approximately $201 million, subject to customary purchase price adjustments (the "Montana Refining Acquisition").
Montana Refining owns and operates a refinery in Great Falls, Montana with crude oil throughput capacity of approximately 9,800 barrels per day (the "Refinery"). The Refinery produces gasoline, middle distillates and asphalt which Montana Refining markets primarily into local markets in Washington, Montana, Idaho and Alberta, Canada.
"We are very excited to add Montana Refining's people and assets to Calumet. We look forward to working with the Montana Refining employees on a successful integration. Starting with our acquisition of the Superior refinery in September 2011, we have spent approximately $1 billion on complementary acquisitions over the past year. We continue to actively look for additional growth opportunities, which will complement our current assets and diversify our geographic presence," said Bill Grube, Calumet's Chief Executive Officer.
The Montana Refining Acquisition was funded primarily with cash on hand, with the balance through borrowings under Calumet's senior secured revolving credit facility.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.