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.
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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.
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