Valvoline Inc. completes the sale of its Global Products Business

LEXINGTON, Ky., March 1, 2023 /PRNewswire/ — Valvoline Inc. (NYSE: VVV), a trusted leader in preventive automotive maintenance that provides fast and convenient service, announced today 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’s a historic day for our 157-year-old brand. With the sale of our Global Products business to Aramco, each company can now focus on its individual future growth and strategic plans,” said Sam MitchellCEO, Valvoline Inc. “Today, Valvoline Inc. will become a pure-play, automotive service company with an appropriately sized capital structure and improved capital allocation. In addition, Valvoline Inc. expects to provide significant capital returns to our shareholders through share repurchases over the next 18 months. We are excited about our future and our ability to continue to drive long-term shareholder value.”

“This acquisition will advance our international lubricants growth strategy and will benefit our global base oil production and R&D capabilities,” said Muhammad Y. Al Qahtani, Aramco Executive Vice President of Downstream. “It also presents a great opportunity to strengthen our relationship with original equipment manufacturers around the world by expanding Valvoline’s reach as one of the world’s leading lubricant brands.”

As previously announced, the Board of Directors of Valvoline Inc $1.6 billion repurchase authorization to effect a significant return of capital to shareholders using the net proceeds from the sale. Valvoline Inc. expects to repurchase common stock up to the full amount of the authorization within 18 months, with the remaining after-tax net proceeds used for debt reduction and to invest in attractive growth opportunities.

Goldman Sachs & Co. LLC acted as financial advisor and Cravath, Swaine & Moore LLP acted as legal counsel to Valvoline in connection with the sale.

Forward-Looking Statements
Certain statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, statements about the completed transaction, the benefits and synergies of the completed transaction, future opportunities for the standalone Retail Services business, the impact of any equity repurchases, the use of the net proceeds from the transaction and any other statements regarding Valvoline’s and Aramco’s future business, financial or operating results , capital allocation, debt ratio, expected operating levels, future earnings, dividend policy, expected growth, market opportunities, strategies, competition and other expectations and goals for future periods. Valvoline has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “may,” “will “, “should” and “means” and the negation of these words or other similar terminology. These forward-looking statements are based on Valvoline’s current expectations, estimates, projections and assumptions as of the date such statements are made and are subject to risks and uncertainties that could cause results to differ materially from those expressed or implied by the forward-looking statements . . Important factors that could cause Valvoline’s actual results to differ materially from those in the forward-looking statements include: the effect of the closing of the transaction on Valvoline’s ability to retain and hire key personnel and to maintain relationships with customers, suppliers and other business partners, uncertainties regarding Valvoline’s ability and the amount of time it will take to realize the anticipated benefits of the transaction, changes in the economic and financial conditions of Valvoline’s operations, and uncertainties and matters beyond management’s control has described and other factors in Valvoline’s filings with the Securities and Exchange Commission (the “SEC”), including in the sections entitled “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Information about market risks” of Valvo line’s most recently filed periodic reports on Forms 10-K and 10-Q, which are available on Valvoline’s website at or on the SEC’s website at http:// Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, unless required by law.

About Valvoline Inc.TM
Valvoline Inc. (NYSE: VVV), the name for fast, easy, and trusted preventive vehicle maintenance, leads the industry with automotive service innovations that simplify consumers’ lives and take the worry out of the vehicle. With an average consumer rating of 4.6 out of 5 stars*, Valvoline Inc. the model built for transparency and convenience in car maintenance. From the 15-minute oil change in your car to cabin air filters to battery replacements to tire changes, the company’s model offers maintenance solutions for all types of vehicles. The company operates and franchises more than 1,700 service center locations through Valvoline Instant Oil ChangeSM and Great Canadian Oil Change retail locations. For more information or to find a Valvoline service center near you, visit

TM Trademark, Valvoline or its subsidiaries, registered in different countries
SM Service mark, Valvoline or its subsidiaries, registered in different countries
*Based on an annual survey of more than 250,000 Valvoline Instant Oil Change customers

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SOURCE Valvoline Inc.

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