Valvoline to sell its global products arm to Saudi’s Aramco

DUBAI, United Arab Emirates (AP) — Saudi Aramco has announced a $2.65 billion agreement to acquire Valvoline’s global products business, which includes motor oils, transmission fluids, coolants and other automotive maintenance products. Valvoline said Monday the transaction will separate its global products from its retail services businesses, transforming it into a purely automotive service provider. The company operates and franchises around 1,700 service centers, with stores across the United States offering oil changes and other quick services. Valvoline says the deal will also help it to accelerate focus on servicing electric vehicle cars. Aramco, the state-owned oil company of Saudi Arabia, has been expanding its downstream business in past years.