Calumet Specialty Products Partners, L.P. Announces the Acquisition of Biosynthetic Technologies, LLC, Enhancing the Technological Capabilities of the Specialty Products Business
Calumet Specialty Products Partners, L.P. (the “Company”, “Partnership” or “Calumet”), a leading independent producer of specialty hydrocarbon and fuels products, today announced that the Partnership completed the acquisition of Biosynthetic Technologies, LLC (“Biosynthetic Technologies”). Biosynthetic Technologies is a startup company and developer of proprietary renewable technology focused on the conversion of sustainable plant oils into high-performance synthetic base stocks. These unique estolides exhibit exceptional qualities for high performance lubricants, while also meeting stringent environmental specifications for biodegradability, bioaccumulation and toxicity. Calumet plans to develop and commercialize these renewable esters at its existing esters manufacturing facility in Missouri. The acquisition of Biosynthetic Technologies was completed in partnership with The Heritage Group, a technology partner whose business model offers synergies with Calumet that will maximize the value of the acquired technology portfolio.
“The acquisition of Biosynthetic Technologies and its technological capabilities align very well with the Partnership’s specialty products-focused growth strategy, and our vision to be the premiere specialty petroleum products company in the world,” said Tim Go, Chief Executive Officer of Calumet. “This acquisition, alongside the recently announced opening of our new Research and Development facility in Indianapolis, are indicative of Calumet’s commitment to innovation. The technology and expertise we have acquired will help extend our existing esters business into new, forward-thinking product formulations with exceptional qualities for which the Calumet name represents.”
About Calumet Specialty Products Partners, L.P.
Calumet Specialty Products Partners, L.P. is a master limited partnership and 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; produces fuel products including gasoline, diesel and jet fuel. Calumet is based in Indianapolis, Indiana, and operates eleven manufacturing facilities located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jersey and eastern Missouri.
About Biosynthetic Technologies
Headquartered in Irvine, CA, Biosynthetic Technologies holds exclusive rights to patented technology that converts fatty acids found in plant and animal oils into high-performance synthetic oils that can be used in industrial lubricant, personal care and other chemical sectors. These “biosynthetic” base oils exhibit many superior characteristics compared to petroleum-based lubricant oils. Biosynthetic Technologies was a privately held company funded in part by multiple FT Global 500 companies. First-mover advantage and patented technology make Biosynthetic Technologies a market leader in the sustainable chemicals sector. For more information, visit www.biosynthetic.com.
Source: PR Newswire