Dubai, UAE– Saudi energy giant Aramco has completed the acquisition of US motor and oil maker Valvoline’s global products business for $2.65 billion.
Under this acquisition, which comes after the two companies signed the share purchase agreement announced on 1 Aug 2022, Aramco hastens its aim to enter the integrated, branded lubricants players.
In a statement, Aramco said it will own the brand (Valvoline) in connection with its product business, while (Valvoline) will own the brand in connection with its retail services business, and the two companies plan to work together to further spread ownership of the (Valvoline) brand globally.
Valvoline Global Operations will continue to be headquartered in Lexington, Kentucky.
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,” he said.