Wakefield Canada has officially taken ownership of the BP Lubricants facility located adjacent to its Toronto lakeshore offices.
The facility had formerly been operated by Castrol Canada.
The plan to acquire the facility had been in the works for some time.
The finalizing of the agreement saw Wakefield president and CEO Bob MacDonald accept the keys to the manufacturing facility from Marci Brand, president of BP Lubricants.
BP Lubricants announced their decision to explore options for the future of the facility in Toronto earlier this year, and Wakefield was one of several interested parties to submit proposals. BP Lubricants chose Wakefield and signed a 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 today assumes ownership of the plant and manufacturing responsibility for the blending and packaging of 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.
MacDonald considers this handover a significant high point in the company’s progress. “We intend to deliver on our aspiration to be the clear leaders in the Canadian marketplace. This is a strategic move for Wakefield and provides us with greater flexibility to deliver intuitive customer service to our business base across Canada.”
David Fifield, COO of Wakefield notes “This represents another milestone for Wakefield. It strengthens our strategic relationship with BP, enhances our capabilities and confirms our commitment to the Canadian marketplace.”
Wakefield began operations on July 1st, 2005, after signing a strategic partnership with BP, and has continually invested in infrastructure, people and the Castrol brand in its brief history. The company celebrated its fifth anniversary on July 1st, 2010.
Wakefield Canada markets Castrol lubricants and services to lube operators, automotive service providers and select retailers. Visit www.wakefieldcanada.ca.
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