Koch S.W. Asphalt Co., a subsidiary of Koch Materials Co., will sell its 51% interest in NK Asphalt Partners to Holly Western Asphalt Co. for about $22 million.
Holly Western is a subsidiary of the Holly Corp.
Koch S
Koch S.W. Asphalt Co., a subsidiary of Koch Materials Co., will sell its 51% interest in NK Asphalt Partners to Holly Western Asphalt Co. for about $22 million.
Holly Western is a subsidiary of the Holly Corp. Navajo Western Asphalt Co., also a subsidiary of Holly, currently owns 49% of NK Asphalt Partners, which is formed in 2000 to distribute and market liquid asphalt products and technology in New Mexico and Arizona.
"Holly has been an excellent partner since this venture's inception in 2000," said Rob Witte, president of Koch Materials. "Navajo's capabilities and experience are best suited to continuing this business, and we're confident that they and the outstanding employees associated with this business will serve customers well going forward."
The sale is expected to close in mid-February. Following the sale, Koch Materials will continue supplying limited transitional services for a brief period.
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