Phillips 66 is acquiring Spectrum Corp., a specialty lubricants manufacturer. Terms were not disclosed.
Based in Memphis, TN, Spectrum is an independent blender, packager and marketer of specialty lubricants including two-cycle engine oil, small engine oil and hydraulic oil. Spectrum offers a broad array of private-label and brand-name specialty lubricants and related products, including more than 500 products under 14 separate product lines, Phillips said.
“The acquisition of Spectrum complements our strong-performing Lubricants business by increasing our access to specialized global lubricants markets and is in line with our strategy to selectively grow our Marketing and Specialties segment,” said Tim Taylor, president, Phillips 66. “It also creates new opportunities to expand our worldwide Lubricants customer base.”