Calumet sells drilling fluids subsidiary $84 million
X
Waste Management Expo 2020 MAR 12&13 BIEC, Bengaluru, India

Calumet sells drilling fluids subsidiary for $84 million

6:01 AM, 22nd November 2017
Calumet sells drilling fluids subsidiary for $84 million

INDIANAPOLIS, US: Calumet Specialty Products Partners LP has closed the sale of its subsidiary Anchor Drilling Fluids USA LLC to Q'Max America Inc.

Under the agreement, Calumet will receive total consideration of approximately $84 million. Anchor Drilling Fluids is the leading provider of drilling fluid products in US.

"Calumet's divestiture of Anchor Drilling Fluids is another step forward in our plans to strengthen our balance sheet and focus our resources on our core speciality products business. The merger of Q'Max and Anchor Drilling Fluids will create the largest independent drilling fluids company in US. We expect the value of our minority stake in Q'Max to continue to track the oilfield services recovery, as well as benefit from the operational and supply chain synergies created through the new entity's increased scale and scope," said Tim Go, CEO of Calumet.

Raymond James is serving as the exclusive financial advisor to Calumet on this transaction and Taft Stettinius & Hollister LLP acted as legal advisor.

© Worldofchemicals News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Reliance prices $800 mn senior unsecured notes due 2027

MUMBAI, INDIA: Reliance Industries Limited (RIL) has priced an offering of $800 million 3.667 percent senior unsecured notes due 2027. The notes have ...

Read more
AkzoNobel ends talk about potential merger with Axalta

AMSTERDAM, NETHERLANDS: AkzoNobel NV has confirmed that it has ended its constructive discussions regarding a merger of the AkzoNobel paints & coa ...

Read more
Air Products bags industrial gases supply contract in China

LEHIGH VALLEY, US: Air Products and Chemicals Inc (APD) has signed a second long-term oxygen and nitrogen supply contract with a leading global materi ...

Read more
Total, GoodPlanet partner to tackle climate change in India

PARIS, FRANCE: Total SA and GoodPlanet Foundation has signed an agreement for a project to deploy 8,400 biodigesters in Telangana state, India, to imp ...

Read more
Aegion CFO resigns; current executive VP named interim CFO

ST LOUIS, US: Aegion Corporation said that David Martin has resigned his positions as executive vice president and chief financial officer (CFO) of th ...

Read more
PPG, SiNode Systems partner for vehicle battery technology

PITTSBURGH, US: PPG Industries Inc (PPG) has entered into a partnership with SiNode Systems Inc, to accelerate the commercialization of high-energy an ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X