- Advertisement -
Monday, August 8, 2022
Home News Fleet Lubricants giant Valvoline sells core business to Saudi Aramco

Lubricants giant Valvoline sells core business to Saudi Aramco

Valvoline’s global products business fits perfectly within Aramco’s growth strategy for lubricants, a spokesperson said

Oil giant Saudi Aramco has agreed to acquire Nasdaq-listed Valvoline Inc’s global products unit for US$2.65bn. The Saudi firm – whose capital value on the KSA Tadawul exceeds US $4tn – recently announced that its growth strategy includes further development of the lubricants division, and here, has focused on a household-name brand with a leading international reputation.

Valvoline Inc is a worldwide marketer and supplier of premium branded lubricants and automotive services, with sales in more than 140 countries. Established in 1866, the company’s heritage spans 156 years, during which time it has developed brand recognition across multiple product and service channels. Valvoline ranks globally as the number 3 passenger car motor oil brand in the DIY market by volume and in the United States operates and franchises no fewer than 1,400 quick-lube locations.

In October 2021, experts gathered at Valvoline’s headquarters in Dubai to discuss some of the key issues transforming the transport sector – one of the key takeaways was to avoid focusing on cost cutting.

Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream said Valvoline’s global products business fits perfectly with Aramco’s growth strategy for lubricants “as it will leverage our global base oils production, contribute to our R&D capabilities and strengthen our existing relationships with OEMs”.

The transaction is still subject to customary adjustments set forth in the equity purchase agreement, Aramco said.

Diversification into the lubricants DIY market is a declared core strategy for Saudi Aramco, so far spending in excess of $250bn in R&D initiatives to develop market-leading energy alternatives to its previously core role as a fossil fuel producer.

- Advertisement -
- Advertisement -

Most Popular

MG going from ‘strength to strength’ in the region

The head of MG Motor in the Middle East has hailed the success of the brand in the region after the SAIC-owned British marque...

Transguard opens new medical facility at Jebel Ali staff accommodation

The Transguard Group has just inaugurated a new 270sqm medical facility within its largest accommodation facility, Jebel Ali 7 residence. The 10-bed clinic is open...

Future of Transportation: Top 20 trend-setting auto companies (M-Z)

MAN Truck & Bus MAN can pull on huge reserves of talent and expertise when it comes to developing new trucks, engines and systems. Both...

Future of Transportation: Top 20 trend-setting auto companies (A-L)

Audi Audi wants to use a new era in car development to push itself into the forefront of all things electric and – as proven...

Related News

MG going from ‘strength to strength’ in the region

The head of MG Motor in the Middle East has hailed the success of the brand in the region after the SAIC-owned British marque...

Transguard opens new medical facility at Jebel Ali staff accommodation

The Transguard Group has just inaugurated a new 270sqm medical facility within its largest accommodation facility, Jebel Ali 7 residence. The 10-bed clinic is open...

Future of Transportation: Top 20 trend-setting auto companies (M-Z)

MAN Truck & Bus MAN can pull on huge reserves of talent and expertise when it comes to developing new trucks, engines and systems. Both...

Future of Transportation: Top 20 trend-setting auto companies (A-L)

Audi Audi wants to use a new era in car development to push itself into the forefront of all things electric and – as proven...

Future of Transportation: The route to a more connected Kingdom

The public transport landscape is changing rapidly in Saudi Arabia as it gears up to meet its Saudi Vision 2030 ambitions of a more...

LEAVE A REPLY

Please enter your comment!
Please enter your name here