Phillips 66 To Acquire Spectrum Corp.

(RTTNews) - Phillips 66 (PSX), an energy manufacturing and logistics company, said that it has agreed to acquire Spectrum Corp., a specialty lubricants company. Terms of the transaction are not being disclosed.

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.

Spectrum is headquartered in Memphis, Tennessee, and is currently owned by Dominus Capital, L.P. The transaction is expected to close in the third quarter of 2014 following the receipt of regulatory approvals.