Suncor sells Petro-Canada Lubricants division
DALLAS, Texas – Suncor has sold its Petro-Canada Lubricants business to US-based HollyFrontier for $1.125 billion.
The deal includes Petro-Canada’s Mississauga lubricants plant, which is the largest producer of base oils in Canada with 15,600 barrels per day of lubricant production capacity.
The Petro-Canada Lubricants business will bring HollyFrontier industry leading product innovation and R&D capabilities, a global sales and distribution network and strong brand portfolio recognized globally, the company announced. With this transaction, HollyFrontier also acquires a perpetual exclusive license to use the Petro-Canada trademark in association with Lubricants.
The deal makes HollyFrontier the fourth largest lubricants producer in North America.
“This transformative acquisition will diversify HollyFrontier with the addition of a differentiated high margin business with more stable cash flows. Petro-Canada Lubricants is a great business, which combined with our existing Tulsa Lubricants business creates scale and will create a strong platform for growth,” said George Damiris, president and CEO of HollyFrontier. “We look forward to realizing the operational and financial benefits of this combination to further strengthen our company and drive continued value creation for HollyFrontier. We believe that the transaction will be of benefit to our stockholders, our current and new employees and Canada, especially as we expand the domestic and international reach of PCLI.”
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Hi when Suncor sold PetroCan lubrication i was wondering if Sunsor employees own share in PetroCan?