In a strong step to date in its internationalization plan, Move has teamed up with the company Goshen And closed its acquisition of PetroChoice, one of America’s leading distributors operating in the lubricants industry, for US $ 479 million.
According to a fact released this Monday, May 23rd, PetroChoice a Distributor and marketer of mobile branded lubricants and proprietary brands. It distributes and operates approximately 240 million liters of lubricants annually In 25 U.S. states, there are two lubricating oil blending plants and more 50 distribution centers.
The volume distributed by PetroChoice reflects Moove’s significant profit margin, recording a total sales volume of 388.7 million cubic meters of lubricants last year.
With a net income of R $ 6.1 billion last year, it represents 24.5% of Cosan’s consolidated results and is expected to add 50% to its revenue through the Moove acquisition, the company’s CEO, Filipe Affonso Ferreira, said in an interview. Reuters.
The acquisition also expands Move’s US operations, currently focusing on distributing mobile lubricants in New York and New Jersey.
The move is controlled by Cosan and the private equity fund CVC Capital Partners is a strategic partner. It operates globally in the production and distribution of mobile, comma and professional brands. In addition to the United States, Move operates in Argentina, Portugal, Spain, France and the United Kingdom.
In Brazil, MoveMobile operates in the production and distribution of branded lubricants and manages a franchise network that specializes in zip loop vehicle services.
The international expansion of the movie is one of Kozan’s goals. The company began its operations overseas in 2011 with the acquisition of exclusive distribution rights for mobile lubricants in Paraguay, Uruguay and Bolivia.
In 2012, Cama acquired the brand’s operations in the UK, producing, selling and distributing lubricants in more than 40 countries in Europe and Asia. In 2017, Move began distributing mobiles to the UK and Scotland through the acquisition of WP Group operations, and in 2018 ExxonMobil acquired operations in Argentina and maintained expansion plans with the acquisition of Lubricrobo (Portugal) and DTA (France).
Ferreira told investors last year that the company wants to consolidate itself in the coming years as a multinational lubricant company looking to grow in the US and Europe.
Last year, like Raízen, Move made its name in conversations about the initial public offering of shares last year as part of an upgraded corporate restructuring in the company of businessman Rubens Ometto. However, there is no forecast of when the offer will occur.
Kozan’s shares rose 3.81% to R $ 19.33. During the year, they fell 8.7% and had a total market value of R $ 34.8 billion.
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