Calumet Specialty Products on Notice From Nasdaq
Calumet has several facilities in the U.S. and Mexico
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Calumet Specialty Products Partners (Nasdaq: CLMT) says it has received a non-compliance notice from Nasdaq because it has not yet filed its most recent quarterly report. The company says it is in the later stages of implementing an enterprise resource planning system, which has delayed the filing.
In the notice, Nasdaq said Calumet had 60 days to submit a plan to regain compliance. If accepted, the exchange says it could give the company up to 180 days to act on that plan.
In a quarterly report released earlier this year, Chief Executive Officer Tim Go said the company is continuing with efforts to eliminate waste, reduce costs and capture increased margins. Last year, Calumet reported a net loss of $328.6 million.
The company is a master limited partnership that processes crude oil and other feedstocks into customized lubricating oils, waxes and other products and produces fuel products including gasoline, diesel and jet fuel. Last week, the company completed the $492 million sale of its Superior Refinery in Wisconsin to Husky Energy Inc. in Canada.
