U.S. industrial conglomerate Koch Industries’ Minerals & Trading unit (KM&T) is exiting the crude and refined products business to focus on more consumer-facing products, a spokesperson for KM&T said on Tuesday.
Reuters reported in November that KM&T had parted ways with a number of employees across its global oil trading business, citing sources familiar with the matter. At the time, Koch had told employees it would share more information on the future of KM&T at a later time.
“Koch Minerals & Trading is exiting crude and refined products trading to focus on our other, more customer-oriented trading activities,” a spokesperson for KM&T said on Tuesday.
KM&T trades over 75 different commodities in more than 50 countries and also invests in other businesses, according to Koch’s website. Among the other commodities it trades are natural gas and industrial metals.
(Reporting by Shariq Khan in New York; Editing by Sonali Paul)