Calumet (CLMT) said Tuesday it has closed the sale of assets related to the industrial portion of its Royal Purple business for $110 million in cash to a unit of Lubrication Engineers, which is owned by Aurora Capital Partners.
The assets are linked to Royal Purple's synthetic industrial product line, including lubricants and engine oils, among other products, Calumet said.
Calumet said it retained ownership of a manufacturing plant in Porter, Texas, and the consumer portion of the Royal Purple business.
Sale proceeds will be used to primarily pay down debt, the company said.
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