UDS has about 900 local workers and 20,000 overall in the United States and Canada. The deal is expected to close by year's end, pending shareholder and regulatory approval.
Officials say no job cuts are in the works.
However, company officials say they will freeze hiring until the acquisition closes and initiate an early retirement program. The refiners are still working out details of the program, including the number of positions they will target, Valero spokesman Greg Matula says. It is also too early to say how many jobs Valero expects to add after the merger, Matula says. Analyst Jeff Dietert, citing Valero's track record in previous acquisitions, says he likewise doesn't expect the acquisition to result in layoffs. I think they've consistently performed on synergistic acquisitions.