The Saudi Arabian Oil Company Aramco purchased the US automotive, commercial and industrial lubricants, and automotive chemicals producer Valvoline for $2.65 billion, Aramco confirmed in a statement Tuesday.
"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 Research and Development capabilities and strengthen our existing relationships with OEMs (Original Equipment Manufacturers)," Mohammed Al-Qahtani, Aramco senior vice president of downstream, was quoted as saying in the statement.
"The sale of Global Products represents 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 Valvoline CEO Sam Mitchell.
