Valvoline Global Products sold for $2.65bn

Lubricant brand Valvoline Inc has sold its global products division to oil major Saudi Aramco for $2.65bn.

Aramco has acquired Valvoline Global Products

Valvoline wishes to be a ‘pure-play’ automotive service provider business, focussing on EV owners, OEMs and fleets ‘as the car parc evolves’.

On completion of the sale, Valvoline expects to use the majority of the anticipated net after-tax cash proceeds of approximately $2.25 billion to accelerate the return of capital to shareholders through share repurchases, with the remaining portion used for debt reduction and to invest in the service side of its business.

READ: Are hybrid engine oils more than just green hype?

“The sale of Global Products will represent 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.

Saudi Aramco is currently the largest company in the world by market cap, surpassing Apple earlier in the year.

Published by Greg Whitaker

Editor of CAT Magazine and an experienced motoring journalist @GregWhitaker5

Movers & Shakers: New appointment at MAHA UK

All the latest changes from across the sector, including new roles, promotions, and retirements

Read More

Autotech Group announces a host of leadership changes

Moves come as company transitions into a new phase under the leadership of CEO Simon King

Read More

Aftermarket firms that’ve failed to pay living wage named

One MOT centre owned employees more than £15,000; businesses were publicly named and shamed by the government

Read More

ELTA to stock Lucas bulbs at all Halfords stores

Pivotal factor of the deal saw all plastic packaging from Lucas and Halfords bulbs range removed

Read More

New grey area puts anyone who modifies a car at risk of prosecution

A workshop was recently found guilty of carrying out alterations to a car to make its exhaust louder

Read More

Go to comments

Your email address will not be published. Required fields are marked *