HOUSTON, Jan. 2 /PRNewswire/ -- Pennzoil-Quaker State Company (NYSE: PZL)
announced today that it has reached a definitive agreement to sell its
50 percent share of Penreco to M.E. Zukerman Energy Investors Incorporated.
Penreco, a partnership with Conoco Inc., produces and markets white oils,
petrolatums, solvents, gelled products and other specialty products. Penreco
will maintain its customer service focus, and no change to employment is
anticipated. The sale is expected to close by January 31, 2001.
"While Penreco is an outstanding organization with high-quality products,
it simply did not fit into our vision," said James J. Postl, president and
chief executive officer of Pennzoil-Quaker State Company. "This sale allows
us to strengthen our focus on automotive consumer product businesses."
M.E. Zukerman Energy Investors Incorporated is an affiliate of M.E.
Zukerman & Co. Incorporated, a New York-based private merchant bank that
co-invests with major energy companies in energy production, and in businesses
in the midstream and downstream energy sectors. Since its inception in 1989,
M.E. Zukerman Energy Investors Incorporated has completed transactions
covering a wide range of energy assets with an aggregate value in excess of
$2.9 billion. The investment in Penreco continues the long-standing
relationship that the firm has enjoyed with Conoco.
Pennzoil-Quaker State Company is a leading worldwide automotive consumer
products company, marketing over 1,300 products with 20 leading brands in more
than 50 countries. The company markets Pennzoil(R) and Quaker State(R) brand
motor oils, the number one and number two selling motor oils in the United
States. Jiffy Lube, a wholly owned subsidiary of Pennzoil-Quaker State
Company, is the world's largest fast lube operator and franchiser. For more
information about Pennzoil-Quaker State Company, visit its web site at
http://www.pennzoil-quakerstate.com/.
SOURCE Pennzoil-Quaker State Company
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http://www.pennzoil-quakerstate.com
Company News On-Call:
http://www.prnewswire.com/comp/684550.html or fax,
800-758-5804, ext. 684550
CONTACT:
Ray Scippa of Pennzoil-Quaker State Company,
713-546-8942
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