NEW YORK (TheStreet) --Shares of Valvoline (VVV) began trading on the New York Stock Exchange on Friday morning. Shares were climbing 9% to $23.98 in early morning trading.
The Lexington KY-based automotive maintenance business is the oldest motor oil maker in the U.S.
Valvoline CEO Sam Mitchell joined Friday morning's "Squawk on the Street" on CNBC to discuss the company's decision to go public and the state of its business.
"We're probably the world's first 150-year-old IPO, it took us a while but we built a great business," Mitchell said.
One of the primary reasons Valvoline has been able to establish a strong business is due to its strong channels of DIY customers.
"That's been doing well for us. We have a strong quick lube business too called Valvoline Instant Oil Change, and that's had 10 straight years of same-store sales improvements, we're looking to invest and grow that business," Mitchell explained.
Regarding competition, Mitchell believes it is Valvoline's independence that will continue to strengthen and diversify them from other businesses.
"It's interesting because Valvoline is an independent automotive service and lubricant company, a lot of our competitors are a part of big integrated oil companies. We see that as our advantage, we call it hands-on expertise and attitude to move faster and work closely with our trade partners," he said.
Mitchell added that Valvoline is not dependent on the strength of the auto industry, regarding consumer's willingness to purchase vehicles.
"It is truly not correlated because people have to take care of their vehicles whether they're buying a new car or if the economy slows and they need to maintain that vehicle. Lubricant demand stays very stable in that regard. Our strategy and our plan is to grow our market share by continuing to invest in our brand," he noted.