Valvoline

Dr. John Ellis, the inventor of a petroleum lubricant for steam engines, founded Valvoline on September 6, 1866, in Binghamton, New York, as the "Continuous Oil Refining Company". In 1868, Ellis renamed his Binghamton Cylinder Oil to the more memorable Valvoline. The next year, he moved the Continuous Oil Refining Company to Brooklyn. With his son and son-in-law, Ellis renamed the company to "Ellis & Leonard" and relocated to Shadyside, New Jersey. Valvoline received commendations by Charles F. Chandler and others at the Paris Exhibition of 1878. By the 1890s, Valvoline oil was associated with winning race cars. During the early 20th century, Valvoline was the recommended motor oil for the Ford Model T.In 1949, Ashland Inc. purchased the Freedom-Valvoline Company. By 2016, Ashland's Valvoline subsidiary accounted for about 37% of the parent company's annual revenue. Valvoline completed an initial public offering on the New York Stock Exchange on September 22, 2016, ahead of Ashland spinning off Valvoline as an independent company on May 5, 2017. On August 1, 2022, Saudi Aramco announced the acquisition of Valvoline's lubricant unit for US$2.65 billion.