Houston-based Phillips 66 has agreed to acquire Memphis, Tenn.-based, Spectrum Corp., the companies announced June 23.

Pending all regulatory approvals, the transaction is expected to close in the third quarter of this year. Financial terms of the deal were not disclosed.

“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,” Phillips 66 president Tim Taylor was quoted as saying. “It also creates new opportunities to expand our worldwide lubricants customer base.”

Spectrum is owned currently by Dominus Capital LP and is a specialty lubricants independent blender, packager and marketer, the announcement noted. Spectrum’s products include two-cycle engine, small engine and hydraulic oils, as well as a variety of private-label and brand-name specialty lubricants and related products.

“We are excited to join Phillips 66 and become part of their growing lubricants business. 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,” Spectrum CEO Kent Farmer added.

Phillips 66 last announced its earnings results April 30. The company’s marketing and specialties division, which includes lubricants, generated earnings of $44 million during first-quarter 2014, versus earnings of $51 million during the prior quarter.

The decrease primarily reflects lower base oil margins, partially offset by improved lubricants margins, Phillips 66 said at the time.