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.