Printer Friendly

TOSCO OFFERS EMPLOYEES CASH TOWARDS PURCHASE OF AMERICAN-MADE CARS

 TOSCO OFFERS EMPLOYEES CASH TOWARDS PURCHASE OF AMERICAN-MADE CARS
 STAMFORD, Conn., Jan. 21 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) announced today that it is offering each of its approximately 1,800 employees on the payroll Jan. 1, 1992, the opportunity to receive a $1,000 cash payment towards the purchase of a new American-made automobile during 1992.
 Fifty percent of the cost of this program will be contributed by Tosco's ten highest-paid executives from their incentive pay pool, with the balance coming from general corporate funds.
 Thomas D. O'Malley, Tosco's Chairman and CEO, stated, "We want to do our part to stimulate the domestic economy on which we all depend for our livelihood. We are pleased to be able to offer this benefit to our loyal, hard working employees. We believe the government should do its share by making receipt of this payment tax-free to the employee. We are consulting with the Commerce Department and the UAW to establish a list of qualifying cars."
 Tosco Corporation is a large 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 international wholesale distributors of phosphate-based fertilizer products.
 -0- 1/21/92
 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry of Tosco, 203-977-1000/
 (TOS) CO: Tosco Corporation ST: Connecticut IN: OIL AUT SU: ERN


KD-TS -- NY019 -- 2017 01/21/92 16:04 EST
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:Jan 21, 1992
Words:239
Previous Article:NATIONAL COMMISSION APPLAUDS WHITE HOUSE JOB TRAINING PROGRAM CHANGES
Next Article:ART'S-WAY MANUFACTURING ANNOUNCES DIVIDEND
Topics:


Related Articles
TOSCO ENTERS LETTER OF INTENT FOR PURCHASE OF RIVERHEAD TERMINAL FROM NORTHVILLE INDUSTRIES
TOSCO APPROVES CAPITAL PROGRAM FOR TOSCO REFINING
TOSCO REPORTS RESULTS
TOSCO INTERNATIONAL FINANCE CALLING FOR REDEMPTION OF DEBENTURES
BP ANNOUNCES ALLIANCE WITH TOSCO IN OREGON AND WASHINGTON
TOSCO ANNOUNCES PUBLIC OFFERING OF 2.6 MILLION COMMON STOCK SHARES
TOSCO CORPORATION REPORTS SECOND QUARTER RESULTS
Circle K Brews Up Hot Coffee and Cold Cash for Its Customers.
Tosco Corporation Announces Completion of $300 Million Share Repurchase Program.
Tosco Corporation Announces Fixed Spread Tender Offer for $200,000,000 of its First Mortgage Bonds.

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