Petroleum brand Valvoline struck a deal this week with Saudi Arabia’s Aramco, which sees the American company selling its global products business for $2.65 billion.<\/p>\n
The deal sees Aramco taking ownership of Valvoline’s products used globally, while Valvoline would retain its global rights to the brand name itself for use in retail services, except in China and certain countries in the Middle East and Africa.<\/p>\n
Valvoline’s retail services business primary consist of oil-change and lube centers, which will for the most part stay under the American brand’s purview.<\/p>\n
\u201cValvoline\u2019s global products business fits perfectly with Aramco\u2019s 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,” explained Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream.<\/p>\n