Indianapolis-based Petroleum refiner Calumet Specialty Products Partners LP is buying high-performance lubricants maker Royal Purple Inc. for about $335 million, the companies announced Wednesday morning.

Calumet shares climbed 5 percent in morning trading on word of the deal.

Porter, Texas-based Royal Purple makes lubricants mostly for automotive, industrial, marine, motorcycle and racing applications.

Calumet said Wednesday that it will fund the deal with available cash, borrowings under a senior secured revolving credit facility and possibly other long-term debt financing.

The transaction is targeted to close by the middle of July.

Last month, Calumet reported that its first quarter profit climbed to $51.9 million on $1.2 billion in sales. Also last month, the company announced plans to expand its Indianapolis headquarters, adding 48 jobs to its current local work force of 75 by 2015.

Shares of Calumet gained $1.07, or 5 percent, to $22.75 in morning trading Wednesday. It shares traded as high as $27.74 in early May. Their 52-week low was $15.99 set in October 2011.

Calumet began operations in 1990 with the acquisition of a specialty lubricants refinery in northwest Louisiana and a distribution terminal in Burnham, Ill. The company now operates five additional plants in Louisiana, Pennsylvania, Texas, Wisconsin and Missouri.

The company raised more than $150 million in a secondary stock offering last month to help fund growth.