Calumet Specialty sells Texas refinery

The company CEO is stepping down and moving to Texas to be with family. His successor has been named.

INDIANAPOLIS (Inside INdiana Business) — Calumet Specialty Products Partners (Nasdaq: CLMT) has closed on the sale of its San Antonio, Texas refinery, crude oil terminal and pipeline to Starlight Relativity Acquisition Company LLC.

Starlight agreed to pay $63 million in cash for the plant, property and equipment. The deal also includes adjustments for net working capital, post-closing amounts and inventories.

“The divestment of the San Antonio refinery represents another step forward in Calumet’s strategic transformation,” said Tim Go, Chief Executive Officer of Calumet. “This transaction further de-levers Calumet’s balance sheet, reduces earnings volatility by lowering our exposure to fuels refining, and allows the Partnership to focus its time and capital more intently on our higher-return core Specialty Products business.”

Calumet also entered into an agreement with TexStar Midstream Logistics to settle litigation by releasing a $38 million balance sheet liability.