Aramco executive vice president believes acquisition will advance international lubricant growth strategies and more.
Valvoline also said the sale of its Global Products business is expected to close in early 2023.
Valvoline says sales grew 21% to $957 million driven by strong demand and pricing actions.
The new report documents Valvoline’s efforts and progress in creating value beyond premium branded automotive products for its broad stakeholder base.
Mahmoud Sharaf will serve as the company’s chief liaison to the investment community, effective immediately.
The board of directors also authorized the company to repurchase up to $100 million of its common stock.
A core element of Valvoline’s strategy is to accelerate the growth of its quick-lube model, which is all about delivering a quick, easy and trusted experience for every guest, every day.
Of the 13 Valvoline Instant Oil Change quick lubes now in the Houston market, this is Valvoline’s 12th company-owned location.