Suncor sells Petro Canada lubricant division for $1.125B
by The Canadian Press
Texas-based buyer HollyFrontier will also acquire a perpetual exclusive licence to use the Petro-Canada trademark in association with lubricants.
CALGARY—Suncor Energy will sell the Petro-Canada lubricants business for $1.125 billion to a Texas-based company under a proposed deal announced Monday.
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.
