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.
Financial news and insights
delivered to your email every Saturday.
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.
More on Money
- Posters promoting ‘Steal From Loblaws Day’ are circulating. How did we get here?
- Canadian food banks are on the brink: ‘This is not a sustainable situation’
- Is home ownership only for the rich now? 80% say yes in new poll
- Investing tax refunds is low priority for Canadians amid high cost of living: poll
Comments