Calumet Specialty Products has agreed to acquire Montana Refining for $120 million, plus an amount for working capital, including inventory and accounts receivable, the companies said late Tuesday.
The closing of the deal is expected to occur in the fourth quarter, subject to customary closing conditions and regulatory approval.
Montana Refining owns and operates a 9,800 bpd refinery in Great Falls, Montana. The refinery has a complexity rating of 9.3, with crude oil feedstocks sourced primarily from Canada.
It produces gasoline, middle distillates and asphalt, which Montana Refining markets primarily into local markets in Washington, Montana, Idaho and Alberta, Canada.
Calumet is pleased to add the Montana refinery to our portfolio of niche assets, said Calumet CEO Bill Grube. This acquisition further develops our long term strategy of diversifying our crude slate and geographic presence.
We are pleased with this acquisition and continue to actively look for additional growth opportunities.