INDIANAPOLIS, April 1, 2025 /PRNewswire/ — Calumet, Inc. (NASDAQ: CLMT) (the “Company,” “Calumet,” “we,” “our” or “us”) has successfully closed its previously announced sale of assets related to the industrial portion of its Royal Purple® business, for $110 million in cash to a wholly owned subsidiary of Lubrication Engineers, Inc., a portfolio company of Aurora Capital Partners.
The assets sold related to Royal Purple’s high performance synthetic industrial product line including industrial gear lubricants, bio-environmental lubricants, stationary natural gas engine oils, hydraulic lubricants, and compressor oils, along with an exclusive license of the brand for industrial applications. During the year ended December 31, 2024, the industrial portion of the Royal Purple® business generated approximately $29 million of total sales.
Calumet retained ownership of the Porter, Texas, manufacturing site and the consumer portion of the Royal Purple® business, which caters to a diverse array of automotive product applications through a multi-channel strategy of leading national retail outlets and specialty auto parts stores. Key brands within the consumer portion of Royal Purple® include: High Performance Motor Oil, HPS®, HMX®, Max EZ®, Max Gear®, Max-Clean®, XPR®, and Duralec Super™.
The Company intends to use the sale proceeds to primarily pay down debt.
Calumet also announced that it has terminated its at-the-market equity offering program (the “ATM Program”) for shares of its common stock. The ATM Program was announced in conjunction with related refinancing activity in January 2025 and was never utilized.
About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “will,” “may,” “intend,” “believe,” “expect,” “outlook,” “forecast,” “anticipate,” “estimate,” “continue,” “plan,” “should,” “could,” “would,” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, (i) our intended use of proceeds from the sale of the Royal Purple® industrial business (the “Proposed Transaction”), (ii) our ability to achieve the strategic and other objectives relating to the Proposed Transaction, (iii) our expectation regarding our business outlook and cash flows, including with respect to our plans to de-leverage our balance sheet, and (iv) our ability to meet our financial commitments, debt service obligations, debt instrument covenants, contingencies and anticipated capital expenditure. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. All comments concerning our current expectations for future sales and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisition or other disposition transactions.
We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Certain public statements made by us and our representatives on the date hereof may also contain forward-looking statements, which are qualified in their entirety by the cautionary statements contained above. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our filings with the Securities and Exchange Commission (“SEC”), including the risk factors and other cautionary statements in the latest Annual Report on Form 10-K of the Calumet Specialty Products Partners, L.P. (the “Partnership”) and other filings with the SEC by the Company and the Partnership. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
SOURCE Calumet, Inc.