Acquisition complements strong-performing Lubricants business
HOUSTON--(BUSINESS WIRE)--
Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company,
has agreed to acquire Spectrum Corporation, a leading specialty
lubricants company.
“The acquisition of Spectrum complements our strong-performing Lubricants
business by increasing our access to specialized global lubricants
markets and is in line with our strategy to selectively grow our
Marketing and Specialties segment,” said Tim Taylor, president, Phillips
66. “It also creates new opportunities to expand our worldwide
Lubricants customer base.”
“We are excited to join Phillips 66 and become part of their growing
Lubricants business,” said Kent Farmer, chief executive officer,
Spectrum. “While the ownership of Spectrum is changing, our customers
can expect to receive the same outstanding service and high-quality
products they’re accustomed to.”
Spectrum is an independent blender, packager and marketer of specialty
lubricants including two-cycle engine oil, small engine oil and
hydraulic oil. Spectrum offers a broad array of private-label and
brand-name specialty lubricants and related products, including more
than 500 products under 14 separate product lines.
Spectrum is headquartered in Memphis, Tennessee, and is currently owned
by Dominus Capital, L.P. The transaction is expected to close in the
third quarter of 2014 following the receipt of regulatory approvals.
Terms of the transaction are not being disclosed.
About Phillips 66
Built on more than 130 years of experience, Phillips 66 is a growing
energy manufacturing and logistics company with high-performing
Midstream, Chemicals, Refining, and Marketing and Specialties
businesses. This integrated portfolio enables Phillips 66 to capture
opportunities in a changing energy landscape. Headquartered in Houston,
the company has 13,500 employees who are committed to operating
excellence and safety. Phillips 66 had $51 billion of assets as of March
31, 2014. For more information, visit www.phillips66.com
or follow us on Twitter @Phillips66Co.
Source: Phillips 66