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Find out the latest M&A news in the petrochemical, refining, construction,
power generation and environmental industries.
Eastman acquires Dynaloy LLC
KINGSPORT, Tenn. — One of Eastman Chemical Co.’s wholly owned subsidiaries has acquired from E&A Industries Inc. the assets of Dynaloy LLC, a specialty chemical business based in Indianapolis.
The business will remain headquartered in Indianapolis. Terms of the transaction were not disclosed.
"Dynaloy brings a strong market connect along with material science capabilities that are complementary to our own,” said Scott Ballard, industry director, Electronic Materials. "As we continue to develop and grow Eastman’s presence in electronic materials, the expertise and reliability that Dynaloy customers have come to expect will be a great asset to our overall growth strategy.”
For more information, visit www.eastman.com or call (423) 229-2000.
Bowen, Miclette & Britt expands into Florida market
HOUSTON — Bowen, Miclette & Britt Inc. (BMB), the 64th-largest insurance broker in the United States, has expanded into the Florida market.
The Texas-based firm acquired Huckleberry Sibley & Harvey Insurance & Bonds Inc. (HSH), an insurance broker serving a client base in personal lines and commercial lines with offices in Maitland, Cocoa, West Palm Beach, Santa Rosa Beach and Sarasota, Fla. Included in the transaction is Merrimac Marine Insurance LLC, an affiliated broker serving the specialized marine industry on a national basis.
"BMB continues its geographic expansion and revenue growth by entering the diverse and large Florida insurance marketplace,” said Edward G. Britt Jr., president and CEO of BMB. "We have built a track record of strong organic growth since our founding in 1993. In line with our strategic plan, we also are growing through selective geographic expansion. Following BMB’s successful development into Louisiana in 2006, this expansion into Florida will widen our capabilities and market presence, allowing us to bring our risk management, insurance coverage and benefits services to a broader client base.”
The firm expects to expand to other southeastern states, Britt noted.
For more information, visit www.BMBinc.com or call (800) 966-5497.
Murphy sells Superior Refinery
EL DORADO, Ark. — Murphy Oil Corp. has entered into an asset purchase agreement pursuant to which its wholly owned subsidiary, Murphy Oil USA Inc., will sell its refinery in Superior, Wis., and related assets.
The Superior Refinery is being acquired by Calumet Specialty Products Partners LP for a price of $214 million plus the value of hydrocarbon inventory, and subject to certain other adjustments. The hydrocarbon inventory will be valued based on market prices at closing. The sale is subject to customary regulatory approvals and conditions, and is expected to close in the third quarter or fourth quarter of 2011.
David M. Wood, Murphy’s president and CEO, said, "We are pleased to announce the sale of our Superior Refinery as we execute on our strategy to exit the refining business. The price realization for Superior represents fair market value for the assets and we look to redeploy the proceeds and working capital from the sales process into our upstream growth business.”
For more information, visit www.murphyoilcorp.com or call (870) 862-6411.
Total Safety acquires Oil Field Safety, Western Fire
HOUSTON — Total Safety has acquired Oil Field Safety Inc. (OSI) based in Williston, N.D., and Western Fire & Safety Inc. based in Dickinson, N.D. With more than 20 years of customer service each, the companies will add to Total Safety’s Williston Basin presence through additional air, gas and fire services.
OSI provides critical safety services to the upstream energy markets including air, gas and fire services to complement their equipment rental fleet. Western complements the portfolio with a focus on fire services (fixed and portable systems) and personal protective equipment to both the upstream and midstream energy markets and various fire departments across North Dakota.
"We are excited to partner with the energetic and talented team at OSI and Western,” said David E. Fanta, CEO of Total Safety. "The leadership teams have a commitment to safety and excellence that mirrors our own. We are looking forward to extending our additional capabilities to their current customers, some of which we’ve been proud to serve elsewhere but simply didn’t have the strong local presence to meet their needs until now.”
Randy Jilek, president and CEO of Western and OSI, noted, "We are very eager to provide our clients with additional services now that we are part of the Total Safety family. We know this combination will be advantageous for our clients and our loyal employees.”
Jilek will continue to manage the business in Dickinson while Ben Weltikol will continue his leadership in Williston. Both will dedicate themselves to their continued high standard of customer service.
Specific financial terms of the acquisition were not disclosed.
For more information, visit www.TotalSafety.com or call Total Safety at (888) 448-6825.
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