Valero Energy (NYSE:VLO) is considering splitting its retail business.
Valero Energy Could Split Retail Business
Valero Energy (NYSE:VLO) has announced that its board of directors have approved separation of its retail business.
The company owns more than 1000 fuel stations in US and Canada and it plans to sell or spin off this retail business.
It will proceed with its wholesale fuel marketing business and will offload gasoline and convenience store business.
Valero Energy (NYSE:VLO)’s CEO Bill Klesse said, “We are the manufacturing company with a wholesale marketing business. We are not going to be selling Twinkies and beer and cigarettes. We are going to leave that to the retail group”.
Valero Energy (NYSE:VLO) shares were at 27.50 at the end of the last day’s trading. There’s been a 10.7% change in the stock price over the past 3 months.