Aramco to acquire Valvoline’s Global Products Business for $2.65 billion

Aramco to acquire Valvoline’s Global Products Business for $2.65 billion

The Saudi Arabian Oil Company (“Aramco”) announced the signing of an equity purchase agreement to acquire Valvoline Inc. global products business (“Valvoline Global Products” or “VGP”) for US$2.65 billion in cash.

Valvoline Global Products is a leading worldwide independent producer and distributor of premium branded automotive, commercial and industrial lubricants, and automotive chemicals.

Aramco will benefit from VGP’s robust manufacturing and distribution network, significant R&D capabilities, strong partnerships with major OEMs, and a 150-year legacy of global brand recognition as it pursues opportunities to extend the brand globally. The strategic acquisition will complement Aramco’s line of premium branded lubricant products, optimize its global base oils production capabilities, and expand Aramco’s own R&D activities and partnerships with OEMs.

Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said: “Valvoline’s global products business fits perfectly with Aramco’s growth strategy for lubricants as it will leverage our global base oils production, contribute to our R&D capabilities and strengthen our existing relationships with OEMs. Valvoline’s brand strength and global recognition will continue to be developed and extended under Aramco’s stewardship. We are also very excited to have the outstanding people of VGP join the Aramco family as we continue to execute on our ambitious strategy.”

Following the transaction, Valvoline will focus on its market leading Retail Services business, including further enhancing its growth trajectory and world-class service model. Retail Services expects to benefit from a strong balance sheet and a clear strategy for value creation, including extending its world-class preventive auto maintenance service model to EV owners, and fleets as the car parc evolves.

“The sale of Global Products represents the successful outcome of our strategy to unlock the full, long-term value of our strong but differentiated Retail Services and Global Products businesses,” said Sam Mitchell, Valvoline CEO. “We have built two leading businesses that are well-positioned for continued success as they pursue their individual strategic priorities. We are pleased that our Global Products team will have a strategic new home with Aramco to further grow the business while developing the brand into a global lubricants leader.”

2.08.2022 11:40:00

Worldwide - Last Added

NYCO strengthens aviation market presence with new partnerships

NYCO strengthens aviation market presence with new partnerships

NYCO is a French company, expert in the development and manufacture of high-performance lubricants and synthetic ester bases for Aeronautics, Defence and Industry. A key partner ...

1.12.2022 14:30:00
Castrol expands carbon neutral transmission fluids product range in Europe

Castrol expands carbon neutral transmission fluids product range in Europe

Castrol is expanding its portfolio of carbon neutral products in Europe with Castrol TRANSMAX, a range of highly advanced transmission and axle fluids. Castrol TRANSMAX products ...

22.11.2022 17:00:00
It is so nice to fly in the blue sky

It is so nice to fly in the blue sky

As humanity, we wondered about the sky, ever since we could remember. We have made many great discoveries by observing the Sun, the Moon, and Stars. When our interest in the sky ...

1.11.2022 10:30:00
Paris Automotive Week is back in 2022

Paris Automotive Week is back in 2022

For the first time, the two flagship events in the automotive industry Paris Motor Show and the EQUIP AUTO show came together and announced the launch of Paris Automotive Week in ...

24.10.2022 16:15:00
New heavy duty engine oil from FUCHS

New heavy duty engine oil from FUCHS

As part of the introduction of the new Euro VI-d standard for heavy duty vehicles, in addition to others, MAN has published a new specification for engine oils the MAN M 3977. ...

3.10.2022 10:20:00
NYCO aerospace lubricants qualified on Embraer aircrafts

NYCO aerospace lubricants qualified on Embraer aircrafts

NYCO announces that its range of aerospace lubricants are now approved for use on the following Embraer commercial platforms: E-Jets, E-Jets E2 and ERJ145. NYCO is a French ...

26.09.2022 15:45:00
International automotive aftermarket met at Automechanika Frankfurt

International automotive aftermarket met at Automechanika Frankfurt

Automechanika Frankfurt 2022, attended by 2,804 companies from 70 countries, welcomed its visitors across 19 hall levels and the outdoor exhibition area. Visited by 78,000 ...

19.09.2022 10:00:00
Wael Sawan appointed as new Chief Executive Officer at Shell

Wael Sawan appointed as new Chief Executive Officer at Shell

Shell plc (“Shell”) announced that Ben van Beurden (on the right) will step down as Chief Executive Officer (CEO) at the end of 2022, and that his successor will be ...

16.09.2022 17:30:00
Lubricant Expo 2022 held in the heart of industrial Europe

Lubricant Expo 2022 held in the heart of industrial Europe

Europe’s first free-to-attend exhibition and conference Lubricant Expo co-located with The Bearing Show was held on 6-8 September in Essen, Germany. The event connected ...

9.09.2022 10:50:00
UNITI Mineral Oil Technology Congress gathered sector representatives in Stuttgart

UNITI Mineral Oil Technology Congress gathered sector representatives in Stuttgart

Lube and fuel sector specialists, mechanical engineers and representatives of the automotive industry gathered at the UNITI Mineral Oil Technology Congress, held in ...

1.09.2022 11:00:00