INDIANAPOLIS, April 9, 2018 /PRNewswire/ -- Calumet
Specialty Products Partners, L.P. (NASDAQ: CLMT) (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. (NASDAQ:
CLMT) 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.
Safe Harbor Statement
Certain statements and
information in this press release may constitute "forward-looking
statements." The words "believe," "expect," "anticipate,"
"plan," "intend," "foresee," "should," "would," "could" or other
similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature.
These forward-looking statements are based on our current
expectations and beliefs concerning future developments and their
potential effect on us. While management believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting us will be
those that we anticipate. All comments concerning our
expectations for future sales and operating results are based on
our forecasts for our existing operations and do not include the
potential impact of any future acquisitions. Our
forward-looking statements involve significant risks and
uncertainties (some of which are beyond our control) and
assumptions that could cause actual results to differ materially
from our historical experience and our present expectations or
projections. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include: the overall demand for specialty hydrocarbon
products, fuels and other refined products; our ability to produce
specialty products and fuels that meet our customers' unique and
precise specifications; the impact of fluctuations and rapid
increases or decreases in crude oil and crack spread prices,
including the resulting impact on our liquidity; the results of our
hedging and other risk management activities; our ability to comply
with financial covenants contained in our debt instruments; the
availability of, and our ability to consummate, acquisition or
combination opportunities and the impact of any completed
acquisitions; labor relations; our access to capital to fund
expansions, acquisitions and our working capital needs and our
ability to obtain debt or equity financing on satisfactory terms;
successful integration and future performance of acquired assets,
businesses or third-party product supply and processing
relationships; our ability to timely and effectively integrate the
operations of recently acquired businesses or assets, particularly
those in new geographic areas or in new lines of business;
environmental liabilities or events that are not covered by an
indemnity, insurance or existing reserves; maintenance of our
credit ratings and ability to receive open credit lines from our
suppliers; demand for various grades of crude oil and resulting
changes in pricing conditions; fluctuations in refinery capacity;
our ability to access sufficient crude oil supply through long-term
or month-to-month evergreen contracts and on the spot market; the
effects of competition; continued creditworthiness of, and
performance by, counterparties; the impact of current and future
laws, rulings and governmental regulations, including guidance
related to the Dodd-Frank Wall Street Reform and Consumer
Protection Act; shortages or cost increases of power supplies,
natural gas, materials or labor; hurricane or other weather
interference with business operations; our ability to access the
debt and equity markets; accidents or other unscheduled shutdowns;
and general economic, market or business conditions. For
additional information regarding known material factors that could
cause our actual results to differ from our projected results,
please see our filings with Securities and Exchange Commission
("SEC"), including our latest Annual Report on Form 10-K and
Current Reports on Form 8-K. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date they are made. We undertake no obligation
to publicly update or revise any forward-looking statements after
the date they are made, whether as a result of new information,
future events or otherwise.
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SOURCE Calumet Specialty Products Partners, L.P.