Phillips 66 has agreed to acquire Spectrum Corporation, a specialty lubricants company.

“The acquisition of Spectrum complements our strong-performing Lubricants business by increasing our access to specialized global lubricants markets and is in line with our strategy to selectively grow our Marketing and Specialties segment,” said Tim Taylor, president, Phillips 66. “It also creates new opportunities to expand our worldwide Lubricants customer base.”

“We are excited to join Phillips 66 and become part of their growing Lubricants business,” said Kent Farmer, chief executive officer, Spectrum. “While the ownership of Spectrum is changing, our customers can expect to receive the same outstanding service and high-quality products they’re accustomed to.”

Selmer, Tennessee-based Spectrum is an independent blender, packager and marketer of specialty lubricants including two-cycle engine oil, small engine oil and hydraulic oil. Spectrum offers a broad array of private-label and brand-name specialty lubricants and related products, including more than 500 products under 14 separate product lines.

Spectrum is currently owned by Dominus Capital, L.P. The transaction is expected to close in the third quarter of 2014 following the receipt of regulatory approvals. Terms of the transaction are not being disclosed.