Valvoline Inc. spent U.S. $16 million to acquire the remaining 30 percent share of its subsidiary in Thailand, making the Bangkok-based business a fully owned unit, the company announced late last month. The parent company aims to double Valvoline Thailands sales by 2020.
The company sees opportunities and potential to expand its oil business in Thailand, the lubricant producer and distributor said in a press release. [Thailand] is considered a strong customer base.
Information about the former shareholders was not disclosed. Valvoline declined to provide further information.
As the demand for lubricants in Thailand increases, Valvoline hopes to expand its business and gain a greater market share. The company held 2 percent of Thailands overall lubricants demand in 2015, ranking as the countrys tenth-largest supplier.
Created in 1998, Valvoline Thailand now has over 2,000 retail outlets, covering ever province in the country.