Bulgaria’s motor oil and lubricant producer Prista Oil has acquired Chevron Czech Republic for an undisclosed amount. The deal is part of the company’s strategy for expansion into Central and Eastern Europe, Prista Oil said.
The Czech company has distributed the US giant’s motor oils since 1998. Among its key clients are automobile and truck manufacturers Toyota and DAF, skid-steer loader maker Bobcat and Skoda’s turbine production unit.
The deal is the second biggest acquisition of Chevron’s assets by Prista Oil. In 2011 the Bulgarian company bought Chevron’s stake in a motor oil plant managed in partnership with Uzbekistan’s national oil company Uzbekneftegaz. As part of the Czech deal Prista Oil will continue developing Chevron’s Texaco brand in the next five years.
"Our partnership with Chevron is a key element of Prista Oil’s business strategy for growth and promotion of the company’s multibrand strategy," Prista Oil’s board of directors chairman Plamen Bobokov said in a statement. "Our plans are to strengthen this partnership and cover more of Prista Oil’s major markets by the end of this year."