Auto Express

Saudi Arabia’s Aramco buys Valvoline for $2.65 billion


Petrol brand Valvoline signed a deal this week with Saudi Arabia’s Aramco, which saw the American company sell its global products business for $2.65 billion.

The agreement sees Aramco retain ownership of Valvoline’s products for use globally, while Valvoline will retain global rights to the same brand name for use in retail services, except in China. China and some countries in the Middle East and Africa.

Valvoline’s primary retail service business includes oil change and lubrication centers, much of which will be in the sights of the American brand.

“Valvoline’s global products business is fully aligned with Aramco’s growth strategy for lubricants as it will boost our global base oil production, contributing to our R&D capabilities. us and strengthen our existing relationships with OEMs,” explains Mohammed Y. Al Qahtani, Senior Vice President of Aramco at Downstream.

“Valvoline’s brand strength and global recognition will continue to grow and expand under Aramco’s management. We are also delighted to have such outstanding people from VGP join the Aramco family as we continue to execute on our ambitious strategy.”

However, the effect of this acquisition is that Aramco will be able to sell its own lubricants a step further to eliminate Saudi government ownership, with the added benefit of a trusted name in the oil product market.

Saudi Arabia has been active in changing the public perception of government-owned properties and businesses, as last year Aramco signed Valentino Rossi and the VR46 team – a quick deal. disbanded after publication.

It seems now that the acquisition of the Valvoline brand is just another step in the Kingdom’s evolution towards Western society, although it will be interesting to see if it achieves the desired results. .

Source: Aramco



Source link

news7g

News7g: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button