• 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 extending the reach of Valvoline Global Operations as a preeminent company among multi-national lubricant brands, a position it has proudly held for over a century and a half.  We look forward to welcoming the Valvoline Global Operations employees and brand, one of the most recognized names in the industry, into the Aramco family.  At the same time, we expect Aramco’s global network to provide an unmatched foundation for this historic brand’s next chapter of development.”

Sam Mitchell, Valvoline Inc. CEO, said: “It is a historic day for our 157-year-old brand. With the sale of the global products business to Aramco, each business can now better focus on future growth. 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. All this combined allows us to focus our efforts on and further strengthen our brand as a premier auto after-market services provider.”

The acquisition complements Aramco’s growing presence in the premium branded lubricants market space and opens opportunities to enhance the position of the 150+ year-old name globally, providing a foundation for future growth and downstream portfolio integration.

Contact Information
International Media Relations: international.media@aramco.com  

Investor Relations: investor.relations@aramco.com

About Aramco

Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com.

About Valvoline Global Operations

Valvoline Global Operations is a worldwide leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the globe. Established in 1866, the company introduced the world’s first branded motor oil and developed strong brand recognition and customer satisfaction ratings across multiple product channels. With sales in more than 140 countries and territories, Valvoline Global Operations’ solutions are available for every engine and drivetrain, including high-mileage and heavy-duty vehicles, offered at more than 80,000 locations. Valvoline Global Operations is powering the future of mobility through innovative solutions for vehicles with electric, hybrid and internal combustion powertrains – and the company will continue to solve for global automotive and industrial challenges as it moves forward. To learn more, visit ValvolineGlobal.com.