DORDRECHT, Netherlands, Feb. 26, 2019 /PRNewswire/ -- Valvoline Holdings B.V. announced today that one of its subsidiaries has signed a definitive agreement to acquire the business assets of Fabrika Maziva a.d. Kruševac (FAM). The acquisition includes a manufacturing facility in Kruševac, Serbia, and the FAM brand, among other assets. Financial terms of the transaction, which is subject to customary closing conditions, were not disclosed.
Located approximately 200 kilometres south of Belgrade, the plant provides a strategic location to further enhance Valvoline's access to the Eastern Europe market. The company plans to continue producing FAM, a well-known regional brand of lubricant products, and select Valvoline-branded products onsite in the near future.
"A key strategy for Valvoline is to continue increasing brand awareness and expanding market share in Europe," said Diego Brodoni, vice president and general manager of Valvoline Europe. "This investment demonstrates our commitment to the growing Eastern Europe market and to the success of our customers and partners through a more efficient and effective local supply chain."
Valvoline Holdings B.V. is a subsidiary of Valvoline Inc., a leading worldwide marketer and supplier of premium branded lubricants and automotive services with sales in more than 140 countries. Established in 1866, the company's heritage spans more than 150 years, during which it has developed powerful brand recognition across multiple product and service channels. Valvoline ranks as the No. 3 passenger car motor oil brand in the United States do-it-yourself market by volume. 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.
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SOURCE Valvoline Holdings B.V.