The City-County Council’s Metropolitan and Economic Development Committee advanced a tax-abatement proposal Monday that would save Calumet about $129,440 over a four-year term. In return, Calumet has committed to retaining 190 jobs.
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The Indianapolis area’s sixth-largest public company plans to move 200 employees from the company’s current west-side home to the new offices.
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The improvisational rock of jam bands is scheduled to reign at the second All IN festival, where Trey Anastasio and Umphrey’s McGee are on the bill.
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The Indianapolis-based manufacturer posted a $78.4 million loss in the second quarter.
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The sale includes Royal Purple’s synthetic industrial product line, which encompasses gear lubricants, bio-environmental lubricants, stationary natural gas engine oils, hydraulic lubricants, and compressor oils.
Montana Renewables said the money will help make it become the biggest producer of sustainable aviation fuel in the world.
Montana Renewables is a subsidiary of Indianapolis-based Calumet Specialty Products Partners LP. Calumet launched Montana Renewables in 2021 with the goal of becoming one of the top renewable diesel producers in North America.
The funding, announced this week, will support the expansion of a renewable fuels facility that will produce sustainable aviation fuel, or SAF.
Vince Donargo—a veteran financial executive who has worked for several Indianapolis public companies—plans to step down from his position as chief financial officer of Calumet Specialty Products Partners on Dec. 31 and retire at the end of April.
Todd Borgmann, Calumet’s former CFO, was promoted to CEO effective this week. The move, and several other executive-level changes, were triggered by the May 1 retirement of board chairman Fred Fehsenfeld.
Calumet Specialty Products Partners LP on Thursday announced a leadership team shakeup that will give the Indianapolis-based company a new CEO, chairman of the board and chief financial officer.
Calumet, which acquired Muncie-based Paralogics LLC in March 2020, now says it plans to expand the facility and hire up to 20 more employees there by 2025.
Calumet said Winter Storm Uri, which brought snow and record cold across the U.S. in February, hurt production at the company’s Gulf Coast refineries during the quarter. The first-quarter losses push the company’s total losses since 2014 above $1 billion.
The Indianapolis-based company, which makes specialty petroleum products, last posted an annual profit in 2013. Calumet’s cumulative annual losses since then total $931.7 million.
Lewis Todd Borgmann, 38, had been serving as interim CFO since September, following the departure of former CFO Keith Jennings.
The Indianapolis-based company, which makes specialty hydrocarbon and fuels products, said it is seeing business conditions improve compared with earlier months of the pandemic.
The specialty hydrocarbon and fuels products producer said Keith Jennings would resign as executive vice president and chief financial officer as of Aug. 31, just eight months after joining the company.
The Indianapolis-based maker of oils, lubricants and fuels was among the nation’s largest recipients of Paycheck Protection Program loans, which for the most part were intended for small businesses.
Calumet CEO Tim Go, who has spearheaded turnaround efforts at the Indianapolis-based oil refiner and maker of specialty petroleum products, will leave his post at the end of May.
The fine settles U.S. Securities and Exchange Commission charges that the Indianapolis-based fuel-products refiner issued inaccurate information about its 2017 financial performance.
The San Antonio facility has a throughput capacity of 21,000 barrels a day and produces diesel, jet fuel, gasoline and other jet fuel products.
The round of financing was led by Indianapolis-based HG Ventures, which is the corporate venture arm of a major shareholder in Biosynthetic Technologies.
Calumet shares now trade around $6.65, nearly double their October 2016 low but way down from October 2015, when they fetched around $27.
The Indianapolis-based fuel products refiner again lost money, but the loss was smaller than a year ago and indicated that cost-cutting efforts at the company are having an impact on the bottom line.
