TOSCO AND CONTINENTAL GRAIN ESTABLISH JOINT VENTURE
TOSCO AND CONTINENTAL GRAIN ESTABLISH JOINT VENTURE STAMFORD, Conn., April 28 /PRNewswire/ -- Continental Grain Company
and Tosco Corporation (NYSE: TOS) today announced an agreement to establish jointly an independent petroleum trading company to be called Continental-Tosco, Inc., headquartered in Stamford, Conn., with offices in Singapore and in Europe. Continental-Tosco, Inc. will trade physical cargoes of crude oil and refined products as well as derivative products and futures. The new company is intended to extend Continental's trading business in the energy field and to expand commercial activities currently being conducted by Tosco Corporation. Continental's existing Liquified Petroleum Gas Division will continue to function independently but will be relocated in Continental-Tosco's space in Stamford, Conn.
Robert J. Lavinia will be president and chief executive officer of the new company and James L. DuPay will be executive vice president and chief operating officer. Lavinia, 45, was formerly president and chief operating officer of Hill Petroleum and held other senior positions at Phibro Energy. DuPay, 44, is currently senior vice president and general manager of Continental Grain's LPG Division. Continental Grain Company, one of the world's largest agribusinesses, is a leading merchandiser of agricultural commodities and energy-related products, a manufacturer and marketer of agri- products, and a producer and processor of foods. Continental is a privately held company headquartered in New York City. Tosco Corporation, headquartered in Stamford, Conn., is a large publicly owned independent refiner and wholesale marketer of petroleum products on the West Coast of the United States and internationally, and is also one of the largest U.S. manufacturers and exporters of phosphate-based fertilizer products. -0- 4/28/92 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry of Tosco, 203-977-1000/ (TOS) CO: Tosco Corporation; Continental Grain Company ST: Connecticut, New York IN: OIL SU: JVN PS-LR -- NY005 -- 3562 04/28/92 08:45 EDT
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|Date:||Apr 28, 1992|
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