Valvoline Inc. Completes $2.65 Billion Sale of Its Global Products Business

Valvoline Inc. (NYSE: VVV), a trusted leader in preventive automotive maintenance delivering quick and convenient service, today announced that it has completed the previously announced sale of its Global Products business to Aramco. The purchase price is $2.65 billion in cash, subject to certain customary adjustments.

“It is a historic day for our 157-year-old brand. With the sale of our Global Products business to Aramco, each business can now focus on its individual future growth and strategic plans,” said Sam Mitchell, CEO, Valvoline Inc. “Today, Valvoline Inc. becomes a pure-play, automotive services company with a right-sized capital structure and enhanced capital allocation. Additionally, Valvoline Inc. expects to offer significant capital returns to our shareholders through equity buybacks over the next 18 months. We are excited about our future and our ability to continue driving long-term shareholder value.”

“This acquisition will advance our international lubricants growth strategy and leverages our global base oils production and R&D capabilities,” said Mohammed Y. Al Qahtani, Aramco Executive Vice President of Downstream. “It also provides an exciting opportunity to strengthen our relationship with original equipment manufacturers worldwide by extending the reach of Valvoline as one of the world’s preeminent lubricant brands.”

Read the source article at prnewswire.com