HollyFrontier agrees to acquire Sonneborn
A unit of independent refiner HollyFrontier Corporation, Dallas, has signed a definitive agreement to buy Sonneborn US Holdings Inc and Sonneborn Cooperatief UA for US$655 million, including working capital estimated at US$72 million.
Sonneborn, of Parsippany, NJ, makes specialty hydrocarbon products such as white oils, petrolatums and waxes in North America and Europe.
In a statement, HollyFrontier said the acquisition “will advance HollyFrontier’s downward integration strategy into high-margin specialty products and significantly grow the rack-forward business segment.”
Source: Oil & Gas Journal