HollyFrontier agrees to acquire Sonneborn

A unit of independent refiner HollyFrontier Corp., Dallas, has signed a definitive agreement to buy Sonneborn US Holdings Inc. and Sonneborn Cooperatief UA for $655 million, including working capital estimated at $72 million.

Sonneborn, of Parsippany, NJ, makes specialty hydrocarbon products such as white oils, petrolatums, and waxes in North America and Europe.

In a statement, HollyFrontier said the acquisition “will advance HollyFrontier’s downward integration strategy into high-margin specialty products and significantly grow the rack-forward business segment.”