Suncor sells Petro-Canada Lubricants for $1.125B to Dallas-based HollyFrontier - Action News
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Suncor sells Petro-Canada Lubricants for $1.125B to Dallas-based HollyFrontier

Suncor Energy will sell the Petro-Canada lubricants business for $1.125 billion to a Texas-based company under a proposed deal announced Monday.

Deal expected to make U.S. company North America's 4th-largest lubricants producer

Petro-Canadas lubricants division produces more than 350 lubricating oil-based stocks and other products sold in more than 70 countries, according to Suncor, which is selling the division to U.S.-based HollyFrontier. (Suncor)

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.