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
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
It produces gasoline, middle distillates and asphalt, which
Montana Refining markets primarily into
local markets in Washington, Montana, Idaho and Alberta,
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.