press release

Chevron Press Release - Chevron Agrees To Sell Aviation Functional Fluids Business To Exxon

SAN FRANCISCO, June 4, 1996 -- Chevron International Oil Company has entered into an agreement to sell its aviation functional fluids business to Exxon Company, USA. Conclusion of the transaction, for an undisclosed amount, is expected to occur later this summer.

Chevron's aviation functional fluids business, not to be confused with Chevron's aviation fuels business, is a leading supplier of phosphate ester fire-resistant hydraulic fluids to commercial aircraft manufacturers and operators such as Boeing, Airbus, United and Lufthansa under the brand name HyJet(R). The business also includes silicate ester-based Coolanol(R) dielectric coolants and M2-V(TM) hydraulic fluid.

Exxon and Chevron have developed detailed plans to ensure a smooth transition for customers, suppliers and employees.

Houston-based Exxon USA is the domestic oil and gas operating division of Irving, Texas-based Exxon Corporation. Chevron International Oil Company is a wholly owned subsidiary of Chevron Corporation. Both Chevron companies are based in San Francisco, Calif.

Updated: June 1996