ALEXANDRIA, Va.—Marathon Petroleum Corp. has announced that it will spin off the Speedway chain into its own entity, reports CNBC. Speedway LLC, based in Ohio, operates more than 3,900 stores, employs 40,000 people and reported $23.6 billion in revenue last year.
Going off on its own means that Speedway will become the largest c-store operator in the U.S. Investors say the stand-alone company would boost shareholder value by as much as $40 million.
"Today's announcement to separate Speedway will create a new independent company that is well-positioned to achieve sustained growth and create substantial shareholder value," said Marathon Chairman and CEO Gary Heminger, who will retire next year after more than a decade in the position. "We have built Speedway into an exceptional business."
The move will enable Speedway to grow in new regions and participate in more mergers and acquisitions. The Dayton Business Journal also reports that the Dayton region will see a new publicly-traded company, which may prompt additional hires.