Business
Calumet Announces Closing of Sale of Assets Related to Industrial Portion of its Royal Purple® Business
INDIANAPOLIS, April 1, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") has successfully closed its
About this update from Calumet, Inc
[{"type":"text","content":"INDIANAPOLIS, April 1, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the \"Company,\" \"Calumet,\" \"we,\" \"our\" or \"us\") has successfully closed its previously announced sale of assets related to the industrial portion of its Royal Purple® business, for $110 million in cash to a wholly owned subsidiary of Lubrication Engineers, Inc., a portfolio company of Aurora Capital Partners. \n\nThe assets sold related to Royal Purple's high performance synthetic industrial product line including industrial gear lubricants, bio-environmental lubricants, stationary natural gas engine oils, hydraulic lubricants, and compressor oils, along with an exclusive license of the brand for industrial applications. During the year ended December 31, 2024, the industrial portion of the Royal Purple® business generated approximately $29 million of total sales. \nCalumet retained ownership of the Porter, Texas, manufacturing site and the consumer portion of the Royal Purple® business, which caters to a diverse array of automotive product applications through a multi-channel strategy of leading national retail outlets and specialty auto parts stores. Key brands within the consumer portion of Royal Purple® include: High Performance Motor Oil, HPS®, HMX®, Max EZ®, Max Gear®, Max-Clean®, XPR®, and Duralec Super™. \nThe Company intends to use the sale proceeds to primarily pay down debt. \nCalumet also announced that it has terminated its at-the-market equity offering program (the \"ATM Program\") for shares of its common stock. The ATM Program was announced in conjunction with related refinancing activity in January 2025 and was never utilized.\nAbout Calumet\nCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.\nCautionary Statement Regarding Forward-Looking Statements\nCertain statements and information in this press release may constitute \"forward-looking statements.\" The words \"will,\" \"may,\" \"intend,\" \"believe,\" \"expect,\" \"outlook,\" \"forecast,\" \"anticipate,\" \"estimate,\" \"continue,\" \"plan,\" \"should,\" \"could,\" \"would,\" or other similar expressions are in...