A HollyFrontier subsidiary will acquire Sonneborn from private equity firm One Equity Partners for $655 million cash under an agreement announced yesterday. HollyFrontier officials said the addition of Sonneborns specialty products is another step in diversifying its product mix with a shift toward finished products.
U.S. distributors and manufacturers of wax and wax products are bracing for the impact of new tariffs on Chinese imports, which went into effect Sept. 1 after the Trump administration fired its latest shot in the ongoing trade war.
As the trade war between Washington and Beijing continues, the United States paraffin-based wax industry is feeling pressure as sales dip and alternative waxes gain a larger share of the market. Wax sellers and buyers worry that if the duties continue, they will burn the industry.
Calumet Specialty Products Partners L.P. announced yesterday it had acquired Paralogics LLC, a producer of candle and industrial wax blends based in Muncie, Indiana. Terms were not disclosed.
The National Automobile Dealers Association forecasted sales of 16.8 million new cars and light trucks in the United States for 2020, down slightly from 2019 sales volume.