Irving Oil considers selling business, company launches strategic review
Global News
Irving Oil says a strategic review of the company is underway and that it is looking at a series of options about its future, including a possible sale of the business.
Irving Oil says a strategic review of the company is underway and that it is looking at a series of options about its future, including a possible sale of the business.
The Saint John-based company operates Canada’s largest refinery, and is a major employer in New Brunswick and the region.
In a statement released Wednesday, the company said a review was underway, but that “no decisions have been made about where this strategic review may lead.”
“Consideration will be given to a new ownership structure, a full or partial sale, or a change in the portfolio of our assets and how we operate them,” read the statement, which was signed by Arthur Irving, Ian Whitcomb and Sarah Irving.
Arthur Irving is chairman of Irving Oil, Whitcomb is president, and Sarah Irving is the executive vice-president.
The statement goes on to say that the company will evaluate options “in the coming months” but that they were focused on its team, customers and communities.
Irving Oil, which was founded in 1924 by K.C. Irving, has more than 900 gas stations and a network of distribution terminals. It also operates Ireland’s only refinery.
Rob Moir, an associate professor with the University of New Brunswick’s faculty of business, said he was caught unaware by the announcement.
