Martin Operating Partnership has entered into an agreement to acquire substantially all of the assets and inventory of the US-based private-label packaging services provider NL Grease.
The acquisition by the Martin Midstream Partners' (MMLP) subsidiary is expected to close before the end of July 2013 and the collaboration expects annual incremental cash flow of about $2.5m from the newly acquired assets.
MMLP General Partner president and chief executive officer Ruben Martin said the assets are a natural vertical integration of the company's naphthenic refinery's base oil business in Smackover, Arkansas.
"The NL Grease acquisition represents the first of what we believe could be many tuck-in acquisitions in our fast-growing lubricant packaging business," Martin said.
