Castor Oil Distributor Acquired

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Castor Oil Distributor Acquired
Biosynthetic Technologies acquired Innoleo, which distributes castor oil and derivatives of castor oil for use in lithium greases, lubricants and metalworking fluids, among other applications. © monkeyjump

Biosynthetic Technologies, a producer of biobased synthetic compounds used in base oils, lubricants and additives, acquired castor oil and castor oil derivatives distributor Innoleo, the company announced last week. Terms were not disclosed.

Innoleo – based in Macedonia, Ohio – distributes castor oil and derivatives of castor oil for use in lithium greases, lubricants and metalworking fluids, among other applications.

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“Through this purchase, Biosynthetic Technologies will now add a comprehensive line of castor and other oleo derivatives to its existing estolide technology portfolio,” the company said in a press release issued Jan. 3. Examples of the other oleo derivatives include stearic acid, used in lubricants, and methyl 12-hydroxy stearate, used in making greases.

Biosynthetic Technologies – based in Indianapolis, Indiana – manufactures biobased synthetic compounds called estolides. The company says the estolides are biodegradable, non-bioaccumulative and non-toxic. They are used to make base oil products that are 70%-90% biodegradable.

Its estolides are also used in passenger car motor oils, metalworking fluids, industrial lubricants, marine lubricants and food-grade lubricants. The company also manufactures oleo derivatives that are used in metalworking fluids.

The castor oil products “are highly suitable for the manufacture of environmentally acceptable lubricants formulations,” said Matthew Kriech, chief operating officer of Biosynthetic Technologies and new CEO of Innoleo. Biobased and biodegradable nontoxic marine lubricants are known as environmentally acceptable lubricants, or EAL.

“We now can offer the industry a full assortment of oleo product from very specialized to commodity,” said Mark Miller, CEO at Biosynthetic Technologies. “The unique structure of castor oil offers interesting properties, making it appropriate for various industrial applications. Castor oil is valuable due to the high content of ricinoleic acid, which is used in a variety of applications in the chemical, personal care and lubricant industries and provides a sustainable drop-in replacement for many applications.”

Calumet Specialty Products Partners L.P., based in Indianapolis, purchased a share of Biosynthetic Technologies in 2018, but sold its investment to The Heritage Group at the beginning of 2019.