HOUSTON, April 30 /PRNewswire/ -- Pennzoil-Quaker State Company
(NYSE: PZL) announced today that it has completed the sale of its Shreveport,
Louisiana refinery and related assets to Calumet Lubricants Company, L.P.
Financial terms of the transaction were not disclosed.
"This is truly a transformational day for Pennzoil-Quaker State Company.
With this transaction, we have essentially completed our program to sell
non-strategic assets and businesses. We now go forward as the fully-focused
automotive consumer products company that was envisioned with the formation of
the company in 1998," said James J. Postl, president and chief executive
officer.
Calumet Lubricants Company, L.P. has headquarters in Indianapolis,
Indiana. The company was founded in 1916 with the goal of producing the
highest quality naphthenic specialty oils available. Today it operates
specialty plants in Princeton, Cotton Valley, Louisiana and Rouseville,
Pennsylvania, producing Hydrocal II Naphthenic Base Oils, Calsol process oils,
waxes and a diverse array of solvents and specialty products.
Pennzoil-Quaker State Company is a leading worldwide automotive consumer
products company, marketing over 1,300 products with 20 leading brands in more
than 90 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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Related links:
http://www.pennzoil-quakerstate.com
Company News On-Call:
http://www.prnewswire.com/comp/684550.html or fax,
800-758-5804, ext. 684550
CONTACT:
media, Ray Scippa, 713-546-8942, or
investors, Jay Roueche, 713-546-4961, both of Pennzoil-Quaker
State Company
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