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  • Aramco completes $2.65bn acquisition of Valvoline Inc’s global products business (Valvoline Global Operations)
    édité le 02/03/2023 - Plus de news de "ARAMCO" - Voir la fiche entreprise de "ARAMCO"


Aramco completes $2.65bn acquisition of Valvoline Inc’s global products business (Valvoline Global Operations)
   - Transaction expands Aramco’s lubricants business globally
   - Opportunity for Valvoline Global Operations to enter new markets and sectors

The Saudi Arabian Oil Company (Aramco) has completed the acquisition of the Valvoline Inc. global products business (‘Valvoline Global Operations’) for $2.65 billion, through one of its wholly-owned subsidiaries.

With this acquisition, which follows the signing of an equity purchase agreement by the companies announced on Aug. 1, 2022, Aramco accelerates its aim to become one of the world’s preeminent integrated, branded lubricants players.

Aramco will now own the Valvoline brand with respect to the products business, and Valvoline Inc. will own the Valvoline brand with respect to its retail services business. Aramco and Valvoline Inc. plan to work together to continue to grow the Valvoline brand equity globally.

Valvoline Global Operations, which will continue to be headquartered in Lexington Kentucky, is a worldwide leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the globe.

Mohammed Y. Al Qahtani, Aramco Executive Vice President of Downstream, said: “This acquisition will advance our international lubricants growth strategy, and leverage our global base oils production and R&D capabilities. It also provides an exciting opportunity to strengthen our relationship with original equipment manufacturers worldwide by extending the reach of Valvoline Global Operations as a preeminent company among multi-national lubricant brands, a position it has proudly held for over a century and a half. We look forward to welcoming the Valvoline Global Operations employees and brand, one of the most recognized names in the industry, into the Aramco family. At the same time, we expect Aramco’s global network to provide an unmatched foundation for this historic brand’s next chapter of development.”

Sam Mitchell, Valvoline Inc. CEO, said: “It is a historic day for our 157-year-old brand. With the sale of the global products business to Aramco, each business can now better focus on future growth. Today, Valvoline Inc. becomes a pure-play, automotive services company with a right-sized capital structure and enhanced capital allocation. Additionally, Valvoline Inc. expects to offer significant capital returns to our shareholders through equity buybacks over the next 18 months. All this combined allows us to focus our efforts on and further strengthen our brand as a premier auto after-market services provider.”

The acquisition complements Aramco’s growing presence in the premium branded lubricants market space and opens opportunities to enhance the position of the 150+ year-old name globally, providing a foundation for future growth and downstream portfolio integration.

About Aramco

Aramco is a global integrated energy and chemicals company driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, sustainable and useful, promoting stability and long-term growth around the world.

About Valvoline

Valvoline Inc. (NYSE: VVV) is a leading provider of automotive services and marketer and supplier of premium branded lubricants worldwide, with sales in more than 140 countries.
Established in 1866, the Company’s heritage spans more than 150 years, during which time it has developed powerful brand recognition across multiple product and service channels. Valvoline operates and franchises more than 1,500 quick-lube locations and is the No. 2 chain by number of stores in the United States under the Valvoline Instant Oil ChangeSM brand and the No. 3 chain by number of stores in Canada under the Valvoline Great Canadian Oil Change brand.
It also markets Valvoline lubricants and automotive chemicals, including Valvoline EV Performance Fluids; Valvoline Hybrid Vehicle Full Synthetic motor oil; Valvoline High Mileage with MaxLife technology motor oil for engines over 75,000 miles; Valvoline Advanced Full
Synthetic motor oil; Valvoline Premium Blue™ heavy-duty motor oil; Valvoline Multi-Vehicle Automatic Transmission Fluid; and Zerex™ antifreeze.


Origine : Communiqué ARAMCO

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