Steve Mawer to become chairman of Calumet Specialty Products
Calumet Specialty Products Partners, L.P. announced that Steve Mawer will be transitioning from executive chairman of the Board to chairman of the Board, effective January 1, 2023, a natural progression of the planned transition that began earlier this year.
“Many thanks to Steve for the continuation of a seamless transition. We look forward to closely collaborating with Steve as we execute on our strategy and drive value for Calumet stakeholders,” said Todd Borgmann, CEO.
“This change is the culmination of an extensive and well-planned transition process,” said Mawer. “Todd has proven to be an exceptional leader at the head of a first class, highly professional leadership team. It’s exciting to see Calumet delivering both excellent operational performance and continuing our business transformation. It is an honor to still be heavily involved in the inspiring Calumet journey as non-executive chair from the beginning of 2023.”
Calumet Specialty Products Partners, L.P. manufacturers, formulates, and markets a diversified slate of specialty branded products to customers in various consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana, U.S.A., and operates 12 facilities throughout North America.
In related news, Calumet Specialty Products Partners, also announced the closing of two transactions that together fund the working capital needs of Montana Renewables LLC (MRL). A Supply and Offtake Agreement (SOA) with Macquarie Commodities and Global Markets provides inventory monetization for renewable feedstocks and products, as well as intermediation services connected with the purchase of renewable feedstocks. Simultaneously, a USD90 million asset-backed loan revolving credit facility (ABL) was executed with Wells Fargo Bank, NA, secured by accounts receivables and open blenders tax credit refunds.
“Now that Montana Renewables has commenced operations, these transactions ensure that our working capital needs are met going forward,” said Bruce Fleming, EVP of Montana Renewables. “Third-party inventory financing has been in the MRL plan since day one, and we are pleased to execute on the plan as we launch operations.”
Montana Renewables, LLC is a renewable fuel business located in Great Falls, Montana, U.S.A. On November 18, 2021, Montana Renewables was separated both legally and commercially from Calumet Specialty Products Partners, L.P., and was designated as an unrestricted subsidiary of Calumet as a part of the separation. Montana Renewables is modifying existing assets at the Great Falls facility to process up to 15,000 barrels per stream day (bpsd) of renewable feedstocks (such as seed oils, used cooking oil, and tallow) into low-emission sustainable alternatives that directly replace fossil fuel products.
