Calumet Specialty Products Partners LP (CLMT) has completed the sale of its Superior, Wisconsin refinery and various related assets Husky Superior Refining Holding Corporation, a wholly owned unit of Husky Energy (Husky). For a total consideration of $492 million.
The total consideration included the sale price of $435 million, and an additional $57 million for net working capital, inventories, and reimbursement of certain capital spending.
The company announced the following benefits of the transaction:
- Accretive to 2017 and 2018 cash flows
- Reduces leverage profile
- Decreases earnings volatility
- Decreases exposure to capital-intensive fuels business
- Lowers go-forward obligation under the Renewable Fuel Standard
- Moves Calumet closer to its vision to become the premier speciality petroleum products company
Calumet Specialty Products Partners LP (CLMT) has completed the sale of its Superior, Wisconsin refinery and various related assets Husky Superior Refining Holding Corporation, a wholly owned unit of Husky Energy (Husky). For a total consideration of $492 million.
The total consideration included the sale price of $435 million, and an additional $57 million for net working capital, inventories, and reimbursement of certain capital spending.
The company announced the following benefits of the transaction:
- Accretive to 2017 and 2018 cash flows
- Reduces leverage profile
- Decreases earnings volatility
- Decreases exposure to capital-intensive fuels business
- Lowers go-forward obligation under the Renewable Fuel Standard
- Moves Calumet closer to its vision to become the premier speciality petroleum products company
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