Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim ShemetovRegister now for FREE unlimited access to Reuters.comAug 1 (Reuters) - Valvoline Inc (VVV.N) said on Monday it would sell its global products business to oil giant Saudi Aramco (2222.SE) for $2.65 billion in cash as the motor oil maker sharpens focus on its retail services unit.Valvoline's global products unit sells lubricants, coolants and other preventive maintenance products for light- and heavy-duty vehicles.The company had last year decided to separate its retail services and global products divisions following a strategic review.Valvoline said it expects to use the majority of cash from the deal to accelerate share repurchases, reduce debt and invest in its the retail services business.Register now for FREE unlimited access to Reuters.comReporting by Rithika Krishna in Bengaluru; Editing by Aditya SoniOur Standards: The Thomson Reuters Trust Principles.
Valvoline to sell lubricant business to Saudi Aramco for $2.65 bln.