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Tualatin-based Oil Can Henry's has 89 stores in six western states, including 38 in Oregon.

(M.O Stevens/Creative Commons)

The Oil Can Henry's chain of quick-lube stores sold Friday to the owner of the competing Valvoline chain.

Tualatin-based Oil Can Henry's has 89 stores in six western states, including 38 in Oregon. Valvoline Instant Oil Change, owned by Kentucky company called Ashland Inc., will add Oil Can Henry's locations to its existing 940 stores.

The companies didn't report terms of their deal, but said they plan to complete the transaction in the first three months of 2016. Ashland is preparing to spin Valvoline off as a separate, publicly traded company.

Oil Can Henry's, founded in 1978, has 435 employees. Gary Rhodes, Ashland's director of corporate communications, said the new owners haven't reached any decisions about the future of the Oil Can Henry's brand.

"We understand the Oil Can Henry's brand has been a strong presence locally for 35 years," Rhodes wrote in an email. "We don't plan to make any changes to the brand without first conducting in-market research to evaluate the brand equity from the consumer's point of view."

Thursday's deal is the latest in a string of deals for Oregon companies that began in earnest last summer. The deals total more than $44 billion altogether, including Thursday's sale of chainsaw and agricultural equipment manufacturer Blount International.

-- Mike Rogoway

mrogoway@oregonian.com

503-294-7699

@rogoway