Wakefield Canada Inc. announced it has signed an agreement with BP Lubricants USA Inc. to purchase the Castrol Canada blending and packaging plant located in Toronto, Ontario.
The plant is located adjacent to the Wakefield offices, in Toronto.
BP Lubricants announced its decision to explore options for the future of the BP Lubricants facility in Toronto earlier this year, and Wakefield was one of several interested parties to submit proposals.
BP Lubricants chose Wakefield and signed a non-binding letter of intent with Wakefield and the two companies have been working since then to arrive at an agreement.
Under the terms of the agreement, Wakefield will assume ownership of the plant and manufacturing responsibility for the plant, blending and packaging most Castrol products for the Canadian marketplace.
Wakefield will continue to have exclusivity with respect to sales, marketing and distribution of Castrol consumer and commercial lubricants in Canada.
Castrol Canada Inc. is a part of the BP Group, one of the world’s leading energy companies. BP believes that this alliance will provide the opportunity to combine the global technology and marketing leadership of BP with the local entrepreneurial capabilities of Wakefield. This alliance will ensure the continuing success of the Castrol brand, which is already a market leader in the intensely competitive Canadian automotive lubricant market.