PENNZOIL COMPLETES SALE OF PUROLATOR PRODUCTS CO.
HOUSTON, Dec. 21 /PRNewswire/ -- Pennzoil Co. (NYSE: PZL) has completed the sale in an underwritten public offering of 8.5 million shares of Purolator Products Co. (NASDAQ: PFIL) common stock, representing its entire interest in the Tulsa-based filter manufacturer. Pennzoil no longer owns any portion of Purolator. Pennzoil realized approximately $206 million in proceeds from the sale of Purolator common stock and from the related repayment of indebtedness owed Pennzoil by Purolator. Pennzoil president and chief executive officer, James L. Pate, said Pennzoil will use the proceeds from the sale to reduce debt and added that the company expects to realize a tax refund of $27 million in 1993 as a result of this transaction. -0- 12/21/92 /CONTACT: Robert Harper of Pennzoil Co., 713-546-8536/ (PZL PFIL)
CO: Pennzoil Company ST: Texas IN: OIL SU:
TM -- NY066 -- 8939 12/21/92 17:39 EST
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|Date:||Dec 21, 1992|
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