* y% E& y1 L9 X; k- [) P- ^Suncor Energy will sell the Petro-Canada lubricants business for $1.125 billion to a Texas-based company under a proposed deal announced Monday.* | b4 A8 W4 `' v r
; v8 A3 L/ {5 ]( S5 A! k8 @8 yCost-cutting helps Suncor turn surprising $392M profit in 3rd quarter : \! _) _4 p* S+ t& v1 F+ pSuncor snags majority control of Syncrude with $937M Murphy Oil deal# r5 j0 a5 h8 N% ^+ c$ Z
The deal includes a production and manufacturing centre in Mississauga, west of Toronto, that makes a broad spectrum of specialty lubricants and oils.: O0 |/ X2 l% `# b$ K. _
$ A" h$ \$ x+ Z$ }" T% g. Z3 y F
The buyer is a subsidiary of HollyFrontier Corp. of Dallas, which expects to become North America's fourth-largest lubricants producer as a result of the acquisition. }! Z8 |/ l$ ^- P% V( k! |7 i # ~" R0 R1 y1 G! t( t X. q" ^( f9 {HollyFrontier will also acquire a perpetual exclusive licence to use the Petro-Canada trademark in association with lubricants.