Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) has completed its acquisition of Biosynthetic Technologies LLC. Financial details of the deal were not disclosed.
The California-based startup develops renewable technology focused on converting sustainable plant oils into high-performance synthetic base stocks. Calumet says the products made through this technology include qualities that could be used for high-performance lubricants that also meet specific environmental specifications.
"The acquisition of Biosynthetic Technologies and its technological capabilities align very well with the Partnership’s specialty products-focused growth strategy, and our vision to be the premiere specialty petroleum products company in the world," said Tim Go, chief executive officer of Calumet. "This acquisition, alongside the recently announced opening of our new Research and Development facility in Indianapolis, are indicative of Calumet’s commitment to innovation. The technology and expertise we have acquired will help extend our existing esters business into new, forward-thinking product formulations with exceptional qualities for which the Calumet name represents."
Calumet says it plants to continue to develop and commercialize the Biosynthetic Technologies products at its existing facility in Missouri. The company did not state whether any jobs would be affected.