New blending and packaging facility will be the company’s largest
plant investment to date, supplying both finished lubricants and coolants
LEXINGTON, Ky.--(BUSINESS WIRE)--
Valvoline Inc. (NYSE: VVV), a leading worldwide supplier of premium
branded lubricants and automotive services, today announced plans to
build its first plant in China. With expected investment of
approximately $70 million (RMB 443 million), it will also represent
Valvoline’s single largest blending plant investment worldwide.
“Capturing opportunities for volume and premium product growth in key
international markets is an essential strategy for the company,” said
Sam Mitchell, chief executive officer. “This new plant is an investment
in China and its rapidly growing demand for high-quality lubricants and
coolants to meet the evolving needs of both passenger car and heavy-duty
customers.”
Strategically located on approximately 20 acres (120 Mu) in Zhangjiagang
within the Jiangsu province, the new 80,000-square-meter ValvolineTM
plant is expected to begin production by the end of calendar 2020 with
an annual production capacity in excess of 30 million gallons (115
million liters) of lubricants.
“This is very exciting news for our customers and partners in China,”
said Craig Moughler, senior vice president, International and Product
Supply. “This investment demonstrates our commitment to the growth and
success of our distributors and OEM customers through a more efficient
and effective local supply chain and faster-to-market new products and
packaging.”
About Valvoline
Valvoline Inc. (NYSE: VVV) is a leading worldwide marketer and supplier
of premium branded lubricants and automotive services, with sales in
more than 140 countries. Established in 1866, Valvoline's heritage spans
over 150 years, during which it has developed powerful brand recognition
across multiple product and service channels. The highly trusted brand
ranks as the No. 3 passenger car motor oil brand in the DIY market by
volume and the No. 2 quick-lube chain by number of stores in the United
States. The company operates and franchises more than 1,100 Valvoline
Instant Oil Change℠ centers in the United States. It also markets
Valvoline lubricants and automotive chemicals, including the new
Valvoline™ Modern Engine Full Synthetic Motor Oil, which is specifically
engineered to protect against carbon build-up in Gasoline Direct
Injection (GDI), turbo and other engines manufactured since 2012;
Valvoline High Mileage with MaxLife technology motor oil for engines
over 75,000 miles; Valvoline Synthetic motor oil; and Zerex™ antifreeze.
To learn more, visit www.valvoline.com.
Forward-Looking Statements
Certain statements in this news release, other than statements of
historical fact, including estimates, projections, statements related to
our business plans and operating results are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Valvoline has identified some of these forward-looking statements
with words such as “anticipates,” “believes,” “expects,” “estimates,”
“is likely,” “predicts,” “projects,” “forecasts,” “may,” “will,”
“should” and “intends” and the negative of these words or other
comparable terminology. These forward-looking statements are based on
Valvoline’s current expectations, estimates, projections and assumptions
as of the date such statements are made, and are subject to risks and
uncertainties that may cause results to differ materially from those
expressed or implied in the forward-looking statements. Additional
information regarding these risks and uncertainties are described in the
Company’s filings with the Securities and Exchange Commission, including
in the “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of our most
recently filed periodic reports on Forms 10-K and Form 10-Q, which are
available on Valvoline’s website at http://investors.valvoline.com/sec-filings.
Valvoline assumes no obligation to update or revise these
forward-looking statements for any reason, even if new information
becomes available in the future.
TM Trademark, Valvoline or its subsidiaries, registered in
various countries
SM Service mark, Valvoline or its
subsidiaries, registered in various countries
View source version on businesswire.com: https://www.businesswire.com/news/home/20180502006261/en/
Source: Valvoline Inc.