Aramco completes $2.65bln acquisition of Valvoline Inc’s global products business

Aramco completes $2.65bln acquisition of Valvoline Inc’s global products business

- Opportunity for Valvoline Global Operations to enter new markets and sectors

Dhahran, Saudi Arabia – The Saudi Arabian Oil Company (‘Aramco’) has completed the acquisition of the Valvoline Inc. (NYSE: VVV) global products business (‘Valvoline Global Operations’) for $2.65 billion, through one of its wholly-owned subsidiaries.

With this acquisition, which follows the signing of an equity purchase agreement by the companies announced on Aug. 1, 2022, Aramco accelerates its aim to become one of the world’s preeminent integrated, branded lubricants players.

Aramco will now own the Valvoline brand with respect to the products business, and Valvoline Inc. will own the Valvoline brand with respect to its retail services business. Aramco and Valvoline Inc. plan to work together to continue to grow the Valvoline brand equity globally.

Valvoline Global Operations, which will continue to be headquartered in Lexington Kentucky, is a worldwide leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the globe.

Mohammed Y. Al Qahtani, Aramco Executive Vice President of Downstream, said: “This acquisition will advance our international lubricants growth strategy, and leverage our global base oils production and R&D capabilities. It also provides an exciting opportunity to strengthen our relationship with original equipment manufacturers worldwide by