Maxum Petroleum Inc., marketer and distributor of petroleum products through its Petroleum Products Inc. subsidiary, has announced the acquisition of Mid-State Industrial Lubricants Co. Based in Summersville, WV, Mid-State is a leading supplier of industrial lubricants and fuels to commercial and industrial customers in Central Appalachia and is one of CITGO's leading distributors of lubricants in the US. Terms were not disclosed.
Mid-State's employees, including its president and majority owner Ed Shelton, will continue in their current roles, Maxum said in a statement. Mid-State was established in 1971 by the Shelton family.
Maxum's Petroleum Products, Inc. subsidiary operates five bulk plants in West Virginia, Virginia, and Pennsylvania, has a warehouse in Nitro, West Virginia and distributes lubricants for Chevron, ExxonMobil, and ConocoPhillips.
Since it was established in Greenwich, CT in 2004, Maxum has acquired 12 fuel and lubricant marketers including Simons Petroleum, Trevco, Hartney, Pecos (including its General Petroleum and Rainier Petroleum subsidiaries), Canyon State Oil, Petroleum Products, Paulson Oil and, now Mid-State Industrial Lubricants.
Maxum expects to sell nearly 50 million gallons of lubricants in 2009.