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PUROLATOR OFFERS INITIAL PUBLIC OFFERING

 PUROLATOR OFFERS INITIAL PUBLIC OFFERING
 TULSA, Okla., Oct. 27 /PRNewswire/ -- Purolator Products Co., a


wholly owned subsidiary of Pennzoil Co. (NYSE: PZL), today announced that it has filed a registration statement with the Securities and Exchange Commission relating to an initial public offering of 10 million shares of its common stock. In addition, the underwriters would be granted an over-allotment option to purchase an additional 1.5 million shares.
 Of the 10 million shares to be offered, 1.5 million would be sold by Purolator and 8.5 million would be sold by Pennzoil. Of these shares, 8 million would be offered in the United States and 2 million would be offered outside the United States. Following the offering, Pennzoil would not own any portion of Purolator.
 The net proceeds to Purolator from the sale of its stock (exclusive of any shares sold pursuant to the over-allotment privilege) will be used to repay outstanding indebtedness. Any proceeds from shares sold pursuant to the over-allotment will be used by Purolator for general corporate purposes. Purolator will not receive any proceeds from the sale of shares of common stock by the selling stockholder, Pennzoil.
 Roman E. Boruta, Purolator's president and chief executive officer for the past two years, will assume the additional title of chairman of the board.
 The initial public offering underwriting will be managed in the United States by Lehman Brothers; Lazard Freres & Co.; PaineWebber Incorporated; and Smith Barney, Harris Upham & Co. Incorporated and outside the United States will be managed by Lehman Brothers International; Lazard Brothers & Co., Limited; PaineWebber International (U.K.) Ltd.; and Smith Barney, Harris Upham & Co. Incorporated.
 Purolator is a leading international designer, manufacturer, marketer and distributor of filtration products and systems. Its products include a broad range of automotive oil, air, and fuel filters, residential and commercial heating, ventilating, and air conditioning filters, high-technology liquid filtration products for aerospace, marine, environmental, refinery, petrochemical, and military applications, and specialized industrial filters and filtration systems.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 10/27/92
 /CONTACT: Robert Harper of Purolator, 713-546-8536/
 (PZL) CO: Purolator Products Co.; Pennzoil Co. ST: Oklahoma IN: OIL SU: OFR


GK -- NY122 -- 5632 10/27/92 16:38 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 27, 1992
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