HOUSTON, Dec. 28 /PRNewswire/ -- Pennzoil-Quaker State Company (NYSE: PZL)
announced today that it has closed on the sale of Viscosity Oil Company to FL
Selenia.
"This transaction brings Pennzoil-Quaker State Company a step closer to
realizing our strategy of complete concentration on our core automotive
consumer products business," said James J. Postl, president and chief
executive officer of Pennzoil-Quaker State Company. "FL Selenia is well
positioned to take advantage of Viscosity Oil Company's highly efficient
operations and strong customer service focus in the North American market."
Since the formation of Pennzoil-Quaker State Company in late 1998,
Viscosity Oil has operated as a division of the company, formulating and
supplying lubricants to the North American off-road industry, including top
construction and farm equipment manufacturers.
FL Selenia, headquartered in Turin, Italy, is a leading independent
lubricants company in the automotive market. It was acquired by Doughty
Hanson & Co. from the Fiat Group in April 2000. Aldino Bellazzini, the FL
Selenia chief executive officer, commented: "This acquisition is the first
step in our strategy to grow the business internationally and provides a solid
platform to expand in North America and better serve our major customers
worldwide."
Doughty Hanson & Co. is an independent fund management company with
offices in London and subsidiaries in New York, Chicago, Frankfurt, Milan,
Munich, Stockholm and Warsaw. Doughty Hanson's principals have many years of
experience in the successful management of international private equity funds
and have led and arranged a number of the largest acquisitions in the European
private equity market. Doughty Hanson's latest private equity fund was
launched in September 1997 and raised over US$2.5 billion.
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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