March 02, 2023 (MLN): Saudi Arabian Oil Company, commonly known as Aramco, has completed the acquisition of Valvoline Inc., a leading US-based global products business, for a sum of $2.65 billion through a wholly-owned subsidiary.
This acquisition comes after the two companies signed a share purchase agreement on August 1, 2022.
With this acquisition, Aramco aims to establish itself as one of the most prominent integrated brands in the lubricants field globally.
As per the deal, Aramco will own the brand 'Valvoline' in connection with its product business, while Valvoline will own the brand in connection with its retail services business. The two companies plan to work together to further expand the ownership of the Valvoline brand across the globe.
Valvoline Global Operations, headquartered in Lexington, Kentucky, will continue to lead the automotive and industrial solutions space, creating innovative and future-ready products and services for partners worldwide.
This acquisition is expected to enhance Aramco's growing presence in the premium brand lubricants market and provide a foundation for future growth, integrating the refining, chemicals, and marketing business portfolio.
The acquisition of Valvoline's premium brand name, which has been around for over 150 years, is set to open up global horizons for Aramco and position the brand as a leader in the industry.
This strategic move is expected to bolster Aramco's position in the global lubricants market and drive future growth in the industry.
