Valvoline agrees to acquire Serbia's FAM for 9.5 mln euro

U.S.-based lubricants and chemicals supplier Valvoline has signed an agreement for the acquisition of state-owned Serbian lubricants producer FAM Krusevac for 9.5 million euro ($10.8 million), the Serbian company said.

Valvoline will maintain the FAM brand in Serbia and will keep at least 100 of the company's 218 employees, the director general of FAM Krusevac, Jelica Djurovic Petronijevic, said in a statement.

"We will invest here, this is just the first step, we will retain the FAM brand. We will create a combination of Valvoline's strength and local heritage, together we will grow and we will be leaders in the region," the vice president of Valvoline Europe, Diego Brodoni, said.

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FAM operates a production unit with a footprint of 30,000 square metres in Krusevac, including storage tanks with a total capacity of 21,000 cubic metres.