Company is growing nationally, construction already started at Algood site
Algood – Valvoline Instant Oil Change is near completion on its facility in Algood, according to Putnam County Mayor Randy Porter.
The 1,600 square foot facility will be built at the corner of West Main Street and Cooper Road. For those familiar with the area, that is across from the Wal Mart entrance next to Dollar Tree.
Construction has already begun on the site. VIOC has opened 576 new franchise stores since 201 and has seen rapid growth year-over-year, but 2023 was the company’s first year as a “pure-play” (or company that focuses on only one industry) business.
Photo via Valvoline.
“Fiscal year 2023 was a transformational year for Valvoline as it was our first year as a pure-play retail business,” said Lori Flees, President & CEO in a release. “Our system-wide store sales grew nearly 20% to $2.8 billion driven by an 11.9% increase in system-wide same-store sales.”
Flees says the company is set to grow even more in 2024, and stores like the new Algood location are proof.
“On top of delivering strong top and bottom-line growth for the year, we completed the sale of Global Products, returned $1.5 billion to shareholders through share repurchases and completed a leadership transition,” continued Flees. “With our transition to a pure-play retail services provider complete, we believe we are well positioned for long-term shareholder value creation by growing our core business, adding to the network and expanding services ….”
VIOC began in 1986 and has seen sales growth among its 1600 nationwide stores since 2017. No opening date has been announced for the Algood location.
Check back for updates.
Image by Drazen Zigic on Freepik.
Copyright 2023 The Upper Cumberland Business Journal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Other stories you may want to check out: