Calumet Is Said to Mull $500 Million Sale of Lubricants Arm (1)

Calumet Specialty Products Partners LP, a producer of hydrocarbon products, is considering a sale of its finished lubricants business, which is expected to fetch about $500 million, according to people familiar with the matter. The units rose as much as 20%.

The company is working with an adviser to find a buyer for the unit, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The business is receiving interest from private equity firms, the people said.

A representative for Calumet didn’t respond to requests for comment.

Units in Calumet were up 2% ...