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Suncor sells Petro Canada Lubricants to HollyFrontier for $1.125B

Deal includes a production and manufacturing centre in Mississauga, Ont.


CALGARY — Suncor Energy will sell the Petro-Canada lubricants business for $1.125 billion to a Texas-based company under a proposed deal announced Oct. 31.

The deal includes a production and manufacturing centre in Mississauga, west of Toronto, that makes a broad spectrum of specialty lubricants and oils.

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.

News from © Canadian Press Enterprises Inc. 2016

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