Chevron Global Energy announced that it will acquire the NEXBASE™ brand through signing an agreement with its owner Neste Oyj.
According to the agreement, the acquisition will be completed within four to six months, pending customary antitrust regulatory approvals and other closing conditions. The deal includes the brand’s associated qualifications, approvals, as well as related marketing business and sales.
Commenting on the transaction, Chevron Base Oils General Manager Alicia Logan said “we expect the addition of the NEXBASE™ brand and associated business to provide value to our customers through improved logistics, reduced complexity and optimized solutions.”
“This acquisition is poised to satisfy our customers’ growing needs to meet increasingly stringent lubricant standards driven by evolving vehicle specifications, and maintains the technology leading positions of our past base oil investments. Coupled with our investment in Novvi to bring renewable base oils to the market, this acquisition positions Chevron to be the supplier of choice to meet customers’ needs both today and into the future,” Logan added.