2016 Annual Report
Contents
Values, Vow and Vision .........................2
Letter to Shareholders .......................... 3
Our Successful IPO ............................... 4
Financial Highlights .............................. 5
Our Story .............................................. 6
Core North America Segment ............... 7
Quick Lubes Segment .......................... 8
We are building the world’s leading
engine and automotive maintenance
International Segment .......................... 9
business by bringing “Hands On Expertise”
Our Commitment to Innovation ........... 10
Corporate Governance ..........Inside Back
Shareholder Information ................ Back
Non-GAAP Measures:
This Annual Report includes several non-GAAP
measures, including EBITDA, Adjusted EBITDA, free
cash flow and Adjusted EBITDA margin. As further
described in our 2016 Form 10-K, management
believes the use of these non-GAAP measures assists
investors in understanding the ongoing operating
performance of Valvoline’s business by presenting
comparable financial results between periods. The
non-GAAP information provided may not be consistent
with the methodologies used by other companies, and
should not be construed as an alternative to reported
results determined in accordance with U.S. GAAP.
All non-GAAP information has been reconciled with
reported U.S. GAAP results in the “Management’s
Discussion and Analysis of Financial Condition and
Results of Operations” section of our 2016 Form 10-K,
which has been enclosed with this Annual Report and
is available online on our website at http://investors.
valvoline.com/sec-filings, and at the SEC’s website,
http://www.sec.gov.
Forward Looking Statements:
As further described in our 2016 Form 10-K, which
has been enclosed with this Annual Report and is
available on our website at http://investors.valvoline.
com/sec-filings, and on the SEC’s website, http://
www.sec.gov, this Annual Report includes forward
looking statements within the meaning of Section
27A of the Securities Act of 1933 as amended, and
Section 21E of the Securities Exchange Act of 1934,
as amended. We have identified some of these
forward-looking statements with words such as
“anticipates,” “believes,” “expects,” “estimates,”
“is likely,” “predicts,” “projects,” forecasts,” “may,”
“will,” “should,” and “intends” and the negative
of these words or other comparable terminology.
These statements are based on our expectations and
assumptions as of the date such statements are made.
You should not rely upon forward-looking statements
as predictions of future events. Except as required by
law, we undertake no obligation to update or revise
these forward-looking statements for any reason, even
if new information becomes available in the future.
for the benefit of our customers every day.
VALUES
It all starts with our people
Safety is always our priority
We are committed to winning … the right way
We work hard, celebrate success and have fun
We strive for greatness
VOW
Our vow is to bring “Hands On Expertise” for the benefit of our customers every
day, moving the business forward with speed and excellence.
VISION
We are building the world’s leading engine and automotive maintenance business. We
will accelerate growth around the world by increasing our focus and investment in:
The Valvoline™ brand, built on superior products and service
The industry’s best retail services model
Technology that enables speed, innovation and increased efficiency in every
aspect of our business
Strong value-adding relationships with our channel partners
2
To Our Fellow Shareholders:
It all starts with our people
Our 150th year was a memorable one. In the
midst of our separation from Ashland and
transition to a stand-alone public company
through a successful initial public offering, we
also recorded our best year yet. In addition, we
made significant investments in building our
team and capabilities to position the company
for long-term success.
Becoming a public company
On September 23, 2016, Valvoline became
a public company. Our initial public offering – the fifth largest
this year in the U.S. – raised $759 million in equity capital and
established a strong shareholder base. We also raised $750
million in debt capital. It’s no coincidence ‘VVV’ is our stock ticker
as our Three “V”s – Values, Vow and Vision – drive our culture
and our plans to build the world’s leading engine and automotive
maintenance business.
Strong execution across the business
This past fiscal year we delivered against our major priorities. We
gained market share in our Core North America business segment
through increased distribution, effective marketing at key retail
accounts and the expansion of our installer network. We recorded
exceptionally strong same-store sales growth for our Valvoline
Instant Oil ChangeSM platform while completing the acquisition
of 89 Oil Can Henry’s stores – our largest single acquisition ever.
Our Core North America and Quick Lubes business segments
continued to improve product mix. In fiscal 2016, Valvoline ranked
as the #2 quick lube chain by number of stores and #3 motor oil
brand in the DIY market.
As a truly global company, we serve customers in approximately
140 countries. Our International business segment has expanded
its presence in emerging markets, such as
China, India and Mexico, growing volume by 8
percent relative to fiscal year 2015.
Building a foundation for
accelerated growth
We are determined to leverage new
opportunities and drive increasing value
for our shareholders. Our team is now
building a foundation for faster, sustainable
growth by concentrating on four priorities:
1. Driving business results in each segment
by growing market share, premium mix and unit margins.
2. Expanding our retail presence by growing Valvoline
Instant Oil Change stores, both organically and through
acquisitions.
3. Investing in digital marketing and infrastructure to
engage directly with consumers, while strengthening our
relationships with installer customers around the world.
4. Embracing a strong focus on managing our costs,
ensuring we’re investing in high-return projects and
managing our balance sheet and capital allocation
effectively.
This is an exciting year for Valvoline. I look forward to updating
you on our progress as a new public company.
Sincerely,
Samuel J. Mitchell, Jr.
Chief Executive Officer
3
Our Successful Initial Public Offering
On September 22, 2015, Ashland
Inc. announced a planned separation
into two independent public
companies, Ashland Global Holdings
Inc. and Valvoline Inc. We believe
the separation provides a number of
benefits to our business, including:
34.5 million shares of VVV sold
$759 million in capital raised
One year to the day after the
separation announcement,
Valvoline – an iconic 150 year
5th largest U.S. IPO of 2016
VVV IPO value: $4.8B
old brand – executed an initial
public offering, raising $759 million
and shortly thereafter reporting
record fourth quarter and fiscal 2016
earnings. The initial public offering was
the largest in September and the fifth largest in the United States
thus far in 2016.
Improved strategic and operational flexibility
Increased focus of our business operations
Establishing an industry-specific shareholder base
Allowing us to adopt a capital structure, and investment
and dividend policies best suited to our business and
financial profile
Ashland currently owns approximately 83 percent of Valvoline Inc.
shares. On November 8, 2016, Ashland announced its intention to
(subject to market and other conditions) distribute the remaining
Valvoline Inc. shares following the release of both Ashland’s and
Valvoline’s fiscal 2017 second quarter earnings results.
4
Financial Highlights1
Fiscal Years Ended September 30
Sales
Operating income
Earnings before interest, taxes, depreciation and amortization (EBITDA)2
Net income
Adjusted EBITDA2
Diluted earnings per share
Free cash flow2
Additions to property, plant and equipment
Number of common shares outstanding (in millions)
Same-store sales growth3
Valvoline Instant Oil Change store count3
2014
2015
2016
$2,041
$1,967
$1,929
$264
$301
$173
$368
N/A
$133
$37
N/A
5.2%
922
$323
$335
$196
$421
N/A
$285
$45
N/A
7.7%
942
$431
$468
$273
$457
$1.33
$245
$66
204.5
7.5%
1,068
Consistent Growth and Margin Expansion in Adjusted EBITDA2
$2$27575
$275
13.5%
13.5%
20012
2012
$3342
$342
17.1%
17.1%
$368
$3$ 6868
18.1%
18.1%
$421
$4$4212
$457
$44577
21.4%
21.4%
23.7%
23.7%
2013
2013
202 1414
2014
200155
2015
202 16
2016
Adj. EBITDA
Adj. EBITDA Margin
1. In millions of USD except for earnings per share.
2. EBITDA, Adjusted EBITDA and free cash flow are non-GAAP metrics. For a reconciliation of these metrics to net income and cash flows provided by operating activities, respectively, for each of
the periods presented, see our 2016 Form 10-K, which has been enclosed with this Annual Report and is available online on our website at http://investors.valvoline.com/sec-filings, and at the
SEC’s website, http://www.sec.gov.
3. System-wide store locations, including Company-owned and Franchise stores.
Key Drivers to our Financial Performance
Shift in product mix toward premium products, particularly in Core North America
Ten consecutive years of Valvoline Instant Oil Change same-store sales growth
Consistent volume and profit growth in international markets
Proactive product pricing and raw material cost management
5
Our Story
Valvoline Inc. (NYSE: VVV) is one of the most recognized and
respected premium consumer brands in the global automotive
lubricant industry.
Established in 1866, our heritage spans 150 years, during which
we have become known across multiple channels for our high-
quality products and superior levels of service. We have significant
positions in the United States in all of the key lubricant sales
channels, and also have a growing international presence with our
products sold in approximately 140 countries.
With our recent successful operational separation from Ashland
and subsequent IPO in September 2016, we are a standalone
public company with a strong vision: to build the world’s leading
engine and automotive maintenance business by bringing hands-on
expertise for the benefit of our customers every day.
Our premium branded product and service offerings provide our
customers with solutions that address a wide variety of needs. In
addition to our iconic Valvoline-branded passenger car motor oils
and other automotive lubricant products, we provide an array of
lubricants used in heavy duty equipment, as well as automotive
chemicals and fluids designed to help improve engine performance
and lifespan.
In the United States and Canada, as of the end of fiscal 2016,
our products were sold to consumers through more than 30,000
retail outlets, to installer customers in over 12,000 locations, and
1,068 franchised and company-owned Valvoline Instant Oil Change
quick lube centers. Around the world, we serve our customer base
through an extensive sales force and technical support organization,
allowing us to leverage our technology portfolio and customer
relationships globally, while meeting customer demands locally.
Core North America
Quick Lubes
International
551%%
51%
2244%%
24%
25%%
25%
FY2016 Sales Contribution
FY2016 Sales Contribution
FY2016 Sales Contribution
CAGR: 1.0%
CAGR: 7.7%
CAGR: 6.4%
99
99
99
101
161161
16
16
1616166
181888
18
2020220
20
44
48
50
53
FY2013
FY2014
FY2015
FY2016
FY2013
FY2014
FY2015
FY2016
FY2013
FY2014
FY2015
FY2016
Lubricant Gallons
(in millions)
Lubricant Gallons
(in millions)
Lubricant Gallons
(in millions)
6
Core North America Segment
Valvoline’s Core North America business segment sells lubricants
and other maintenance products through two primary sales
channels. Do-It-Yourself (DIY) consumers in the automobile
maintenance industry are reached through more than 30,000 retail
outlets, including AutoZone, Advance Auto Parts, O’Reilly Auto Parts
and other large retailers. Do-It-For-Me (DIFM) consumers are serviced
by car dealers, general repair shops and independent quick lube
chains, in over 12,000 locations in the United States and Canada.
In fiscal 2016, Core North America reported volume gains in a
number of its channels, including the DIY and heavy duty markets
due to expanded distribution and strong marketing and promotion
campaigns. Core North America reported fiscal 2016 growth in
operating income of 6 percent.
Premium Mix
(percent of U.S. Branded Volume)
11.4 point
improvement
33.7
36.6
41.4
30.0
FY2013
FY2014
FY2015
FY2016
How we win in the marketplace
FY2016 Lubricant Volume by Channel
We develop strong retailer and installer relationships by capitalizing
on the strength of the Valvoline brand and our culture of bringing
hands-on expertise for the benefit of our customers every day.
These relationships are built on three core elements:
1. Our commitment to high quality products
2. Effective consumer marketing
3. Customer support to improve retailer and installer profitability,
including category management, training and supply chain
capabilities
We are investing in marketing programs that directly target our
highest-potential consumer segments – including DIY enthusiasts,
grassroots racers and automotive professionals – to drive both
trial and loyalty. Increasingly, we see opportunities to leverage
technology and data analytics to strengthen both our brand equity
and partnership with customers.
6%
48%
46%
Installer
Retailer
Other
7
Quick Lubes Segment
Valvoline’s Quick Lubes business segment targets the passenger
car and light truck quick lube market through approximately 1,070
company-owned and franchised Valvoline Instant Oil ChangeSM
(“VIOC”) stores, where customers receive preventive maintenance
services – including full-service oil changes and OEM mileage-
based services. In 2016, VIOC completed its 200 millionth oil
change and achieved its 10th consecutive year of same store
sales growth. Valvoline also offers its Express Care quick lube
platform for independent operators who purchase Valvoline
products and display its brand.
Quick Lubes reported fiscal 2016 growth in lubricant volume,
sales and operating income of 16 percent, 16 percent and 23
percent, respectively.
How we win in the marketplace
The reason we win is because of our people. Our industry-leading
VIOC model is built to deliver a quick, easy and trusted experience
for every customer, every day. The model is based on these core
principles:
1. An unwavering commitment to acquiring, developing and
protecting superior talent
2. Taking a hands-on approach to operating our stores, serving
our customers and supporting our franchisees
3. Using our proprietary tools, including point-of-sale
technology, SuperPro™ Management System and digital
marketing platforms
This proven business model gives us the confidence to grow
the VIOC system more aggressively into high-growth, under-
served areas of the U.S. through ground-up development and
opportunistic acquisitions that further enhance our geographic
footprint.
10 Consecutive Years of
Same-Store Sales Growth (%)1
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Company
Franchise
VIOC Store Count (units)
809
833
851
862
864
866
1068
899
922
942
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
1,200
1,000
800
600
400
200
-
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Company
Franchise
1. We have historically determined same-store sales growth on a fiscal year
basis, with new stores excluded from the metric until the completion of their
first full fiscal year in operation.
8
International Segment
Valvoline’s International business segment sells products for
both consumer and commercial vehicles and equipment in
approximately 140 countries, including key markets such
as China, India, Europe, Latin America and Australia Pacific.
The company uses wholly-owned affiliates, joint ventures
and independent distributors to help market its products and
services internationally.
International reported fiscal 2016 growth in lubricant volume
of 6 percent, which included lubricant volume growth of 8
percent in emerging markets.2
How we win in the marketplace
Historically, our growth has been based on building stronger
channels to market. We will continue to do that, while also
increasingly improving our value proposition to end users,
leveraging our hands-on expertise to make our customers
more successful. In the light duty market segments
(passenger car and motorcycle), this means helping installers
improve their bottom line by providing product training and
marketing assistance to improve their premium mix (similar
to Core North America) and bring more customers in the door.
In the heavy duty market segments (mining/construction and
on-road transportation), this means lowering their cost of
operating equipment through improved equipment durability,
extended drains and better fuel economy. In both segments,
our partnership with key original equipment manufacturers
(OEMs) – such as Cummins – gives us ready-made channels
and an essential point of differentiation in the non-OEM
channels. Since 2009, Valvoline has consistently gained
market share by putting all of these factors together.
FY 2016 Sales Breakdown1
7%
22%
18% 3%
16%
18%
16%
Latin America
MEA
Europe
Australia / Pacific
China
India
Rest Of Asia
66% Emerging Markets
Valvoline Emerging Markets Sales Volume1, 2
(MM Gal)
CAGR of 10%
60
40
20
2009 2010 2011 2012 2013 2014 2015 2016
1. Includes unconsolidated joint ventures.
2. Emerging Markets consist of all countries outside of the U.S., Canada, Australia and Europe.
9
Our Commitment to Innovation
We introduced our motor oil back in 1866 and we’ve been reinventing it ever since.
Today, Valvoline is still one of only a few automotive lubricant companies to
operate an engine lab and maintain industry-standard testing capabilities onsite.
1866
Initially interested in potential medicinal
benefits of crude oil, Dr. John Ellis discovers
its lubricating properties. He establishes a
refinery called the Continuous Oil Refining
Company, officially renamed Valvoline™
two years later.
1873
Seeking protection of his products,
Ellis trademarks Valvoline.
1876
Valvoline lubricates Corliss engines
used to power the Centennial
Exposition in Philadelphia, the first
World Fair in the United States.
Valvoline is awarded the Medal for
Excellence.
1895
Valvoline lubricates the winner of
America’s first auto race.
1945
During WWII, Valvoline was widely
used in Allied Vehicles.
1954
Valvoline introduces All-Climate™
Motor Oil, which eliminates the need
for seasonal motor oils.
1965
Valvoline introduces Valvoline
High Performance Racing Motor
Oil – still the best-selling racing
oil of all time.
1986
Valvoline acquires Rapid Oil
Change™. In 1987, the chain
is renamed Valvoline Instant Oil
ChangeSM.
®
®
100 MILLION
2000
MaxLife™, the first motor oil
specifically formulated for higher
mileage engines, is launched
to meet the needs of cars over
75,000 miles.
2005
Valvoline™ Instant Oil Change
performs its 100 millionth oil
change.
2013
Valvoline International has
trademarks in 166 countries and
reaches 80 million gallons with sales
exceeding $800 million, making
Valvoline a truly global brand.1
2016
Valvoline introduces Full
Synthetic High Mileage with
MaxLife Technology™.
1. Includes sales from unconsolidated joint ventures.
10
Contents
Values, Vow and Vision .........................2
Letter to Shareholders .......................... 3
Our Successful IPO ............................... 4
Financial Highlights .............................. 5
Our Story .............................................. 6
Core North America Segment ............... 7
Quick Lubes Segment .......................... 8
We are building the world’s leading
engine and automotive maintenance
International Segment .......................... 9
business by bringing “Hands On Expertise”
Our Commitment to Innovation ........... 10
Corporate Governance ..........Inside Back
Shareholder Information ................ Back
Non-GAAP Measures:
This Annual Report includes several non-GAAP
measures, including EBITDA, Adjusted EBITDA, free
cash flow and Adjusted EBITDA margin. As further
described in our 2016 Form 10-K, management
believes the use of these non-GAAP measures assists
investors in understanding the ongoing operating
performance of Valvoline’s business by presenting
comparable financial results between periods. The
non-GAAP information provided may not be consistent
with the methodologies used by other companies, and
should not be construed as an alternative to reported
results determined in accordance with U.S. GAAP.
All non-GAAP information has been reconciled with
reported U.S. GAAP results in the “Management’s
Discussion and Analysis of Financial Condition and
Results of Operations” section of our 2016 Form 10-K,
which has been enclosed with this Annual Report and
is available online on our website at http://investors.
valvoline.com/sec-filings, and at the SEC’s website,
http://www.sec.gov.
Forward Looking Statements:
As further described in our 2016 Form 10-K, which
has been enclosed with this Annual Report and is
available on our website at http://investors.valvoline.
com/sec-filings, and on the SEC’s website, http://
www.sec.gov, this Annual Report includes forward
looking statements within the meaning of Section
27A of the Securities Act of 1933 as amended, and
Section 21E of the Securities Exchange Act of 1934,
as amended. We have identified some of these
forward-looking statements with words such as
“anticipates,” “believes,” “expects,” “estimates,”
“is likely,” “predicts,” “projects,” forecasts,” “may,”
“will,” “should,” and “intends” and the negative
of these words or other comparable terminology.
These statements are based on our expectations and
assumptions as of the date such statements are made.
You should not rely upon forward-looking statements
as predictions of future events. Except as required by
law, we undertake no obligation to update or revise
these forward-looking statements for any reason, even
if new information becomes available in the future.
for the benefit of our customers every day.
VALUES
It all starts with our people
Safety is always our priority
We are committed to winning … the right way
We work hard, celebrate success and have fun
We strive for greatness
VOW
Our vow is to bring “Hands On Expertise” for the benefit of our customers every
day, moving the business forward with speed and excellence.
VISION
We are building the world’s leading engine and automotive maintenance business. We
will accelerate growth around the world by increasing our focus and investment in:
The Valvoline™ brand, built on superior products and service
The industry’s best retail services model
Technology that enables speed, innovation and increased efficiency in every
aspect of our business
Strong value-adding relationships with our channel partners
2
Board of Directors
Executive Officers
Corporate Governance
Valvoline is governed by an 8-member board of
directors, six of whom are independent directors under
New York Stock Exchange (NYSE) guidelines. The board
operates the following committees, all of which consist
entirely of outside directors: Audit; Compensation; and
Governance and Nominating. Valvoline’s Chief Executive
Officer (CEO) and Chief Financial Officer have each
submitted certifications concerning the accuracy of
financial and other information in Valvoline’s annual
report on Form 10-K, as required by the Sections
302 and 906 of the Sarbanes-Oxley Act of 2002. The
certifications are filed as exhibits to Valvoline’s 2016
annual report on Form 10-K. In addition, the NYSE
requires that the CEO of listed companies annually
certify that he or she is not aware of any violation by
the company of NYSE corporate governance listing
standards. Valvoline’s CEO, Samuel J. Mitchell, Jr., will
provide Valvoline’s certification following the company’s
first annual meeting of shareholders scheduled for
January 24, 2017.
William A. Wulfsohn (a)
Non-Executive Chairman and Director,
Valvoline Inc.
Chairman and Chief Executive Officer,
Ashland Global Holdings Inc.;
Samuel J. Mitchell, Jr. (a)
Chief Executive Officer and Director,
Valvoline Inc.
Richard J. Freeland (2,3)
President and Chief Operating Officer,
Cummins Inc.
Stephen F. Kirk (2,3b)
Former Senior Vice President
and Chief Operating Officer,
The Lubrizol Corporation
Stephen E. Macadam (2,3)
President and Chief Executive Officer,
EnPro Industries, Inc.
Vada O. Manager (1,2b,3)
President and Chief Executive Officer
of Manager Global Consulting Group and
Senior Counselor, APCO Worldwide
Charles M. Sonsteby (1b,2,3)
Vice Chairman, The Michaels Companies
and Chairman, Darden Restaurants
Mary J. Twinem (1,2,3)
Former Executive Vice President and Chief
Financial Officer, Buffalo Wild Wings, Inc.
Committees
(1) Audit
(2) Governance and Nominating
(3) Compensation
(a) Officer/Director
(b) Committee Chair
Samuel J. Mitchell, Jr.
Chief Executive Officer and Director,
Valvoline Inc.
Mary E. Meixelsperger
Chief Financial Officer
Thomas A. Gerrald II
Senior Vice President, Core North America
Frances E. Lockwood
Chief Technology Officer
Heidi J. Matheys
Chief Marketing Officer
Craig A. Moughler
Senior Vice President, International and
Product Supply
Julie M. O’Daniel
General Counsel and Corporate Secretary
Anthony R. Puckett
President, Quick Lubes
Victor T. Rios
Chief Information Officer and
Chief Digital Officer
David J. Scheve
Chief Accounting Officer and Controller
Sara K. Stensrud
Chief People and Communications Officer
Corporate Officers
William L. Fite II
Chief Audit Executive
Jason L. Thompson
Treasurer
Issa O. Yesufu
Assistant Secretary
Dividends
Valvoline’s current quarterly cash dividend is 4.9
cents per share.
Valvoline offers electronic deposit of dividend
checks. For more information, please contact Wells
Fargo Shareowner Services at:
+1 800 468 9716
+1 651 450 4064 (non-U.S.)
Independent Registered Public
Accounting Firm
Ernst & Young LLP
312 Walnut Street
Suite 1900
Cincinnati, Ohio 45202
Media Inquiries
Valerie Schirmer
Senior Director, Communications
T: +1 859 357 3235
E: vschirmer@valvoline.com
Corporate Headquarters
Valvoline Inc.
3499 Blazer Parkway
P.O. Box 14000
Lexington, KY 40512-9987
T: +1 859 357 7777
Shareholder Information
Financial Information
Valvoline Inc.’s annual reports on Form 10-K,
quarterly reports on Form 10-Q, current reports on
Form 8-K and any amendments to those reports, as
well as any benefi cial ownership reports of offi cers
and directors fi led electronically on Forms 3, 4 and
5, will be made available at valvoline.com after
they are fi led with the Securities and Exchange
Commission.
Paper copies are also available upon request and at no
charge. Requests for these and other shareholder and
security analyst inquiries should be directed to:
Jason L. Thompson
Investor Relations
Valvoline Inc.
P.O. Box 14000
Lexington, KY 40512-9987
Ticker Symbol: VVV
Fiscal 2016 closing stock prices per common share:
High:
Low:
Year-end:
$23.98
$23.10
$23.49
09/26/2016
09/23/2016
09/30/2016
Annual Meeting
The annual shareholders’ meeting will be held at the
Metropolitan Club in Covington, KY, at 11:00 a.m.
EST, Tuesday, January 24, 2017. The annual report
and proxy materials will be mailed to shareholders
on January 3, 2017, along with instructions for
viewing proxy materials online.
Stock Information
Valvoline Inc. is incorporated under the laws of the
Commonwealth of Kentucky. Valvoline common
stock is listed on the New York Stock Exchange.
Questions regarding shareholder accounts or
dividends should be directed to Valvoline’s transfer
agent and registrar:
Wells Fargo Shareowner Services
1110 Centre Point Curve, Suite 101
Mendota Heights, MN 55120
Mailing Address:
Wells Fargo Shareowner Services
P.O. Box 64874
St. Paul, MN 55164
Phone: +1 800 468 9716 toll-free (U.S.)
+1 651 450 4064 (non-U.S.)
Web: www.shareowneronline.com
® Registered trademark, Valvoline or its subsidiaries, registered in various countries
TM Trademark, Valvoline or its subsidiaries, registered in various countries
SM Service mark, Valvoline or its subsidiaries, registered in various countries
V-8807 © 2016 Valvoline
valvoline.com