Suncor Energy (SU) Sells Petro-Canada Lubricants Unit to HollyFrontier (HFC) for $1.125B
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Suncor Energy sells Petro-Canada Lubricants business for $1.125 billion
October 31, 2016 6:30 AM EDTCALGARY, ALBERTA -- (Marketwired) -- 10/31/16 -- Suncor Energy today announced it has reached an agreement to sell its Petro-Canada Lubricants Inc. (PCLI) business to a subsidiary of HollyFrontier Corporation (HollyFrontier) for gross proceeds of $1.125 billion, subject to customary closing adjustments.
The sale includes PCLI's production and manufacturing centre in Mississauga, Ontario and the global marketing and distribution assets held by PCLI including its global offices. Under the terms of the agreement, HollyFrontier will continue to operate the lubricants business under the Petro-Canada trademark.
"Today's announcement is another example of how Suncor is focusing on its core assets through... More
