Printer Friendly

ETHYL CORPORATION ANNOUNCES THAT ITS SUBSIDIARY, ETHYL PETROLEUM ADDITIVES, INC., WILL PURCHASE AMOCO PETROLEUM ADDITIVES COMPANY

 ETHYL CORPORATION ANNOUNCES THAT ITS SUBSIDIARY, ETHYL PETROLEUM
 ADDITIVES, INC., WILL PURCHASE AMOCO PETROLEUM ADDITIVES COMPANY
 RICHMOND, Va., April 23 /PRNewswire/ -- Ethyl Corporation (NYSE: EY) today announced that its subsidiary, Ethyl Petroleum Additives, Inc., has signed an agreement to purchase the petroleum additives business of Amoco Petroleum Additives Company.
 Ethyl is acquiring assets, which include a Natchez, Miss., plant and technology, in addition to accounts receivable and inventories. The total value of the transaction is expected to exceed $100 million. It is anticipated that the purchase will be completed in June. The purchase is subject to antitrust review under the Hart-Scott-Rodino Act.
 Ethyl said the acquisition will add about $250 million in sales to Ethyl's existing petroleum additives business. It is anticipated that some 150 Amoco Additives employees, including those at the Natchez plant, will join Ethyl. In addition, Amoco will supply products to Ethyl from its Wood River, Ill., plant for a period of two to three years.
 "We are pleased to have reached this agreement, which will broaden our technology base and better enable us to serve our combined customer base more adequately," Bruce C. Gottwald, Ethyl's president and chief operating officer, said.
 Ethyl Corporation, a Fortune-500 company headquartered in Richmond, Va., is a worldwide producer and marketer of value-added performance chemicals worldwide for the petroleum and plastics industries. Ethyl also makes high-technology chemical intermediates for detergents, polymers, electronics, agricultural chemicals and pharmaceuticals. In addition, Ethyl owns First Colony Life Insurance Company. Ethyl's total revenues in 1991 were $2.6 billion.
 -0- 4/23/92
 /CONTACT:Virginia IN: CHM SU: TNM


JZ -- CH006 -- 1738 04/23/92 10:07 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 23, 1992
Words:272
Previous Article:FIRST OF AMERICA BANK CORP. DECLARES $0.32 QUARTERLY COMMON DIVIDEND
Next Article:MEAD CORPORATION DECLARES REGULAR QUARTERLY DIVIDEND


Related Articles
ETHYL CORPORATION SUBSIDIARY DISCONTINUES NEGOTIATIONS TO PURCHASE BP CHEMICALS' ADIBIS PETROLEUM ADDITIVES BUSINESS
ETHYL CORPORATION ANNOUNCES PLANS TO BUILD WORLD-CLASS PETROLEUM ADDITIVES LABORATORY FACILITY IN RICHMOND, VA.
ETHYL CORPORATION ANNOUNCES THAT ITS SUBSIDIARY, ETHYL PETROLEUM ADDITIVES, INC., COMPLETES ACQUISITION OF AMOCO PETROLEUM ADDITIVES CO.
ETHYL CORPORATION ANNOUNCES THAT ITS SUBSIDIARY, ETHYL PETROLEUM ADDITIVES, INC., COMPLETES ACQUISITION OF AMOCO PETROLEUM ADDITIVES CO.
ETHYL BREAKS GROUND ON $70 MILLION PETROLEUM ADDITIVES RESEARCH FACILITIES
ETHYL SIGNS DEAL WITH MITSUBISHI KASEI
ETHYL REPORTS IMPROVED SECOND-QUARTER RESULTS
ETHYL MAKES ORGANIZATIONAL CHANGES
/C O R R E C T I O N -- Ethyl Corporation/(Correction Notice)
Ethyl Corporation Announces Stock Buyback Plan

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters