Saudi Aramco acquires lubricant giant Valvoline
Aramco has been investing in futuristic technology amid high oil prices and profits.
Saudi Arabia’s state oil company Aramco announced a major acquisition yesterday.
Aramco agreed to buy the global products division of the American company Valvoline for $2.65 billion. The acquisition is pending until unspecified "customary adjustments” are made, Aramco said in a press release.
Valvoline produces oil and lubricants for automobiles. It is based in the southern US state of Kentucky and is traded on the New York Stock Exchange.
Aramco official Mohammed Y. Al Qahtani said the purchase will help the company’s “growth strategy,” per the release.
