HOUSTON (June 25, 2014) — Phillips 66 Co., an energy manufacturing and logistics firm, has agreed to acquire specialty lubricants maker Spectrum Corp.
“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, Phillips 66 president. “It also creates new opportunities to expand our worldwide lubricants customer base.”
Terms of the transaction, expected to close in the third quarter following the receipt of regulatory approvals, were not disclosed.
Spectrum, based in Memphis, Tenn., is an independent blender, packager and marketer of specialty lubricants including two-cycle engine oil, small engine oil and hydraulic oil.
It is owned by Dominus Capital L.P.
“We are excited to join Phillips 66 and become part of their growing Lubricants business,” said Kent Farmer, Spectrum CEO. “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.”
Houston-based Phillips 66 had $51 billion of assets as of March 31.