Calumet sells drilling fluids subsidiary $84 million

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



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