Valvoline Inc.(/ˈvælvəliːn/VAL-və-leen) is an American retail automotive services company. It licenses the name for a number of Valvoline-labeledautomotive oil,additives,andlubricants.It also owns theValvoline Instant Oil Change,Great Canadian Oil Change and Valvoline Express Care car repair chains. As of 2023[update],it is the second largest oil change service provider in the United States with 10% market share and over 1,650 locations.[4][5][6]
 | |
| Formerly |
|
|---|---|
| Company type | Public company |
| Industry | Chemical manufacturingand distribution,car repair |
| Predecessors |
|
| Founded | September 6, 1866inBinghamton, New York,U.S. (as the Continuous Oil Refining Company) |
| Founder | John Ellis |
| Headquarters | , U.S. |
Key people | |
| Revenue |  US$1.24 billion(2022) |
 US$220 million(2022) | |
| US$424 million(2022) | |
| Total assets | US$3.42 billion(2022) |
| Total equity | US$307 million(2022) |
Number of employees | 8,900 (2022) |
| Subsidiaries |
|
| Website | valvoline |
| Footnotes / references [1][2][3] | |
History
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Dr. John Ellis, the inventor of a petroleum lubricant for steam engines, founded Valvoline in 1866, inBinghamton, New York,as the "Continuous Oil Refining Company". In 1868, Ellis renamed his Binghamton Cylinder Oil to the more memorable Valvoline. The next year, he moved the Continuous Oil Refining Company toBrooklyn.With his son and son-in-law, Ellis renamed the company to "Ellis & Leonard" and relocated toShadyside, New Jersey.Valvoline received commendations byCharles F. Chandlerand others at theParis Exhibition of 1878.[7]By the 1890s, Valvoline oil was associated with winning race cars.[8]During the early 20th century, Valvoline was the recommended motor oil for theFord Model T.[4]
In 1949,Ashland Inc.purchased the Freedom-Valvoline Company.[9]
By 2016, Ashland's Valvoline subsidiary accounted for about 37% of the parent company's annual revenue.[4]Valvoline completed aninitial public offeringon theNew York Stock Exchangeon September 22, 2016,[10]ahead of Ashland spinning off Valvoline as an independent company on May 5, 2017.[1]
On August 1, 2022,Saudi Aramcoannounced the acquisition of Valvoline's lubricant unit for US$2.65billion.[11][12]
Automobile and motorcycle partnerships
editValvoline is an official recommended fuel and motor oil for allGeneral Motorsmarquees includingChevrolet,BuickandCadillacand also all-HondaMotor Company group brands including Honda andAcurafor automobiles only as well as Honda for motorcycles only.
Sponsorships
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Valvoline sponsored a number of auto races to market its motor oil, including theSCCA National Championship RunoffsandBommarito Automotive Group 500.Valvoline also sponsored the first woman to compete in both theDaytona 500andIndianapolis 500,Janet Guthrie,NASCAR Cup SeriesdriverMark Martin(1992-2000),CARTdriverAl Unser Jr.(1988-1993), and NASCAR teamsRahMoc Enterprises,andGinn RacingandHendrick Motorsports(since 2014).[2]
In Australia, Valvoline ownsnaming rightsto theSydney Speedway[13]and sponsors theAustralian Sprintcar Grand Prix.It also sponsored the1994 Australian Manufacturers' Championship.
Since June 2020, Valvoline sponsorsLa Ligaassociation clubSevilla FCas a global partner, with their logo appearing on the sleeves of match kits.[14]
Since July 2023 Valvoline is currently sponsoring theAston MartinFormula One team as an extension of the team's existing partnership with Aramco, and the partnership will be upgraded to lubricant supply role from 2026 season onwards due toHondaengine direct partnership.[15]
References
edit- ^abCaproni, Erin (May 15, 2017)."Ashland, Valvoline complete split".Cincinnati Business Courier.American City Business Journals.Archivedfrom the original on July 30, 2021.RetrievedNovember 9,2019.
- ^abBaniak, Susan (June 22, 2017)."Lexington-based Valvoline Separates from Ashland Inc., Moves into New Headquarters".Business Lexington.Smiley Pete Publishing.Archivedfrom the original on November 9, 2019.RetrievedNovember 9,2019.
- ^"Valvoline Inc. 2022 Annual Report (Form 10-K)".U.S. Securities and Exchange Commission.November 23, 2022.Archivedfrom the original on December 6, 2022.RetrievedJune 19,2023.
- ^abcWilloughby, Jack (March 12, 2016)."Valvoline Spinoff: A 45% Gain for Ashland Holders".Barron's.Dow Jones & Company.Archivedfrom the original on April 12, 2022.RetrievedNovember 9,2019.
- ^"Motor oil maker Valvoline maps IPO spinoff from Ashland".The Cincinnati Enquirer.Gannett Company. September 13, 2016.Archivedfrom the original on April 16, 2022.RetrievedNovember 9,2019.
- ^"About Us".Archivedfrom the original on 2023-05-30.Retrieved2023-06-19.
- ^Scientific American, "Valvoline".Munn & Company. 1878-12-07. p. 356.
- ^Smith, Gerald (November 19, 2014)."Valvoline was born in Binghamton".Press & Sun-Bulletin.Gannett Company.Archivedfrom the original on February 20, 2023.RetrievedNovember 9,2019.
- ^Thompson, Eric V."A Brief History Of Major Oil Companies In The Gulf Region".University of Virginia.Archivedfrom the original on 2019-03-06.Retrieved2019-11-09.
- ^Beckerman, Josh (September 22, 2016)."Valvoline IPO Prices at $22 a Share".The Wall Street Journal.Dow Jones & Company.Archivedfrom the original on April 16, 2022.RetrievedNovember 9,2019.
- ^Krishna, Rithika (August 1, 2022)."Valvoline fuels retail drive with $2.65 bln lubricants unit sale to Saudi Aramco".Reuters.Archivedfrom the original on 2022-08-22.Retrieved2023-06-19.
- ^Gnana, Jennifer (2022-08-01)."Saudi Aramco acquires Valvoline in downstream push".www.spglobal.com.Archivedfrom the original on 2022-08-02.Retrieved2022-08-01.
- ^"SYDNEY SPEEDWAY TO BE DEMOLISHED".Auto Action.
- ^"Sevilla FC Valvoline".Valvoline Global.
- ^"Aston Martin Aramco reaches milestone technical collaboration ahead of 2026 F1 regulations".
External links
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