Volume 5 Issue 31
Saudi Aramco announced on Monday a $2.7 billion deal to acquire Valvoline’s Global Products business, which is its lubricant and maintenance product sales segment. The acquisition marks not just a massive expansion for the state-owned oil company but a complete shift for Valvoline to a service-driven business model.
Afton Chemical declared force majeure effective July 26 because flooding at its additives plant in Sauget, Illinois – stemming from record rainfall in the St. Louis area – caused an unplanned, sitewide outage, industry sources confirmed to Lube Report. Products impacted include engine oil additive packages.
Heritage-Crystal Clean’s oil business segment reported 45% higher revenue for its second fiscal quarter ending June 18, getting a boost from increased base oil prices and a higher operating margin. The segment includes used oil collection activities, rerefining activities and sales of recycled fuel oil.