Saudi Arabian Oil Company (Aramco) has completed the acquisition of Valvoline lubricant products business for $2.65 billion.
Aramco aims to become one of the world’s top branded lubricants players.
Aramco will own the Valvoline brand with respect to the products business, and Valvoline will own the Valvoline brand with respect to its retail services business. Aramco and Valvoline plan to work together to continue to grow the Valvoline brand equity globally.
Valvoline Global Operations, which will be headquartered in Lexington Kentucky, is a worldwide leader in automotive and industrial solutions.