Phillips 66 has agreed to acquire Spectrum Corp., a leading
specialty lubricants company, officials announced on Monday.
"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, president of Phillips
66. "It also creates new opportunities to expand our
worldwide lubricants customer base."
Spectrum is an independent blender, packager and marketer of
specialty lubricants including two-cycle engine oil, small
engine oil and hydraulic oil. Spectrum offers a broad array
of private-label and brand-name specialty lubricants and
related products, including more than 500 products under 14
separate product lines.
"We are excited to join Phillips 66 and become part of their
growing lubricants business," said Kent Farmer, CEO of
Spectrum. "While the ownership of Spectrum is changing, our
customers can expect to receive the same outstanding service
and high-quality products theyre accustomed to."
Spectrum is headquartered in Memphis, Tennessee, and is
currently owned by Dominus Capital. The transaction is
expected to close in the third quarter of 2014 following the
receipt of regulatory approvals.
Terms of the transaction are not being disclosed.