Barge traffic on the Mississippi River. File Image / Pixabay.
Veteran US bunker supplier John W Stone Oil Distributor has acquired the marine lubricants arm of Martin Midstream Partners (MMP).
The sold assets, Mega Lubricants, cover "the business of blending, manufacturing and delivering various marine application lubricants, sub-sea specialty fluids, and proprietary developed commercial and industrial products", according to a statement issued by MMP over the deal.
John W Stone's general manager, John Stone, said the deal complemented the firm's established marine fuel imprint along the Mississippi River and in the Mexican Gulf.
"We look forward to integrating seamlessly because of the similarities in corporate culture and personnel. We are excited about this acquisition and continue to look at growth in the future," Stone said.
MMP said the move would allow the company to pare down debt.