Saudi Arabian oil company Aramco has announced on Thursday its acquisition of Valvoline Inc. global products business for $2.65 billion, through one of its wholly-owned subsidiaries.
The acquisition came after the two companies signed an agreement on August 1, 2022, as Aramco aims to become one of the most prominent brands in the lubricants field.
Under the agreement, Aramco owns the Valvoline brand with respect to the products business, and Valvoline Inc. will own the Valvoline brand with respect to its retail services business.
Valvoline Global Operation will continue to operate from its headquarters in Lexington, Kentucky, and work in automotive solutions and industrial uses.
The acquisition will enhance Aramco’s international lubricants growth strategy and leverage its global base oils production and R&D capabilities, said Aramco executive vice president of downstream Mohammed Al Qahtani.
