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aramco to acquire Valvoline Inc.’s lubricants business ? Saudi oil giant, aramco, has agreed to acquire US-based Valvoline’s Global Products (VGP) business for $2.65-bn. ? Valvoline Global Products (VGP) is a leading producer and distributor of premium branded automotive, commercial and industrial lubricants, and automotive chemicals. ? Valvoline had last year decided to separate its Retail Services and Global Products divisions following a strategic review. Valvoline said it expects to use the majority of cash from the deal to accelerate share repurchases, reduce debt and invest in its the Retail Services business. ? Aramco said it will benefit from “VGP’s robust manufacturing and distribution network, significant R&D capabilities, strong partnerships with major OEMs, and a 150-year legacy of global brand recognition” as it pursues opportunities to extend the brand globally. The acquisition will complement Aramco’s line of branded lubricant products, optimise its global base oils production capabilities, and expand Aramco’s own R&D activities and partnerships with OEMs. ? Follow Chemical Weekly page for regular industry updates ? Subscribe to Chemical Weekly magazine: https://lnkd.in/g3S4ZSu9 ? Chemical Weekly is the official media partner for ChemExpo India 2023 (Apr 18-19, Mumbai). To know more visit www.chemexpoindia.com ? #chemicals #chemicalindustry #chemicalweekly #specialitychemicals #oil #business #lubricants #producer #distributor #automotive #commercial #industrial #acquisition #innovation #rnd #research #development #researchanddevelopment www.chemicalweekly.com