Univar is acquiring Magnablend to expand in the North American oil and gas business.
Univar is buying Texas chemical company Magnablend to expand its position in the North American oil and gas business.
Univar didn’t disclose a price for closely held Magnablend, which was put up for sale in September. But The Wall Street Journal, citing people familiar with the sale process, reported at the time that the company could fetch as much as $800 million.
Magnablend supplies custom-blended chemicals to oilfield-services companies, as well as specialty fertilizers and feed supplements to agriculture and other specialized chemicals to other industries.
The 33-year-old company has grown rapidly in recent years, paralleling growth in the oil and gas industry. It’s expanded beyond the Texas oil patch, opening facilities in Pennsylvania, Wyoming and North Dakota.
Source: Seattle Times