Suncor sells Petro-Canada Lubricants for $1.125B to Dallas-based HollyFrontier
The Canadian Press | Posted: October 31, 2016 1:36 PM | Last Updated: October 31, 2016
Deal expected to make U.S. company North America's 4th-largest lubricants producer
Suncor Energy will sell the Petro-Canada lubricants business for $1.125 billion to a Texas-based company under a proposed deal announced Monday.
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The deal includes a production and manufacturing centre in Mississauga, west of Toronto, that makes a broad spectrum of specialty lubricants and oils.
The buyer is a subsidiary of HollyFrontier Corp. of Dallas, which expects to become North America's fourth-largest lubricants producer as a result of the acquisition.
HollyFrontier will also acquire a perpetual exclusive licence to use the Petro-Canada trademark in association with lubricants.