Dhahran: Saudi Aramco has completed through a wholly owned subsidiary the acquisition of US company Valvoline Inc.’s global products business for $2.65 billion.
Under the deal, which came after the two companies signed a share purchase agreement announced on Aug. 1, last year, Aramco aims to become one of the most prominent integrated brands in the world in the field of lubricants.
Aramco will own the Valvoline brand in connection with its product business, while Valvoline will own the brand in connection with its retail services business, and the two firms plan to work together to further spread ownership of the Valvoline brand globally.
Headquartered in Lexington, Kentucky, Valvoline Global Operations will continue to be a world leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the globe.
The acquisition is expected to enhance Aramco’s growing presence in the premium brand lubricants market, while opening global horizons to promote the established name and provide a foundation for future growth and integration of its refining, chemicals, and marketing business portfolio.
