Indianapolis-based Calumet to invest $2.7M in recently-acquired wax maker

Indianapolis-based Calumet Specialty Products Partners LP, which acquired Muncie-based wax-maker Paralogics LLC in March 2020, is now planning to expand the operation.

Calumet announced Tuesday that it plans to invest $2.7 million at the Muncie site, which now operates as Calumet Paralogics LLC. The investment will add new equipment and capabilities at the facility, and Calumet expects to hire up to 20 more employees there by 2025.

Based on Calumet’s investment plans, the Indiana Department of Economic Development has offered Calumet up to $295,000 in conditional tax credits.

Calumet said the city of Muncie also offered incentives, approving a five-year tax abatement on new personal property at the Paralogics plant.

Calumet produces nearly 3,400 specialty petroleum-based products, including fuels, lubricating oils, solvents, waxes and other items. The company has about 1,400 employees at 12 facilities throughout North America.

Paralogics produces and packages wax blends for candles and industrial uses. The company currently has nine employees, with three more set to start work by the end of the month.

When it announced the Paralogics acquisition last year, Calumet did not disclose how much it paid for the company. In its first quarter 2020 financial report, Calumet said it had spent $3.3 million to acquire a business, although it did not name the company.