Calumet Specialty Products completed its previously-announced purchase of the Hercules aviation and refrigerant lubricants business, the polyol/ester-based synlubes subsidiary of Ashland, the companies said on Friday.
The purchase price was not disclosed.
Under the agreement, Calumet obtained a 22-acre parcel that includes the manufacturing facility in Louisiana, Missouri, which it plans to continue operating, the company said.
Jennifer Straumins, chief operating officer for Calumet, said: "We are very pleased to be in the synthetic lube business and look forward to transitioning Hercules into the Calumet family."
"Calumet is focused on the refining of crude oil into specialty petroleum products and the Hercules acquisition will help to strengthen our business for both customers and shareholders, she added.
The Hercules business was previously in Ashlands water technologies segment.