Chevron Press Release - Chevron To Retain Its Asphalt Assets on The East Coast And In The Pacific Northwest
SAN FRANCISCO, Feb. 3, 1994 -- Chevron today announced it will retain its asphalt businesses on the East Coast and in the Pacific Northwest in order to explore a recent opportunity to further enhance the profitability of these businesses.
An announcement describing the opportunity is expected later in the first quarter. No further details will be released until then.
"This is an attractive opportunity that has strong potential to increase shareholder value," said Jim Polk, general manager of the asphalt business unit for Chevron U.S.A. Products Co.
Chevron announced Oct. 11 that it was soliciting offers for its Pacific Northwest and East Coast asphalt assets, which include small refineries near Portland, Ore., and Seattle, Wash, and a number of related terminals. About 70 employees were expected to go with the buyer, but will now remain with Chevron.
"We've continued to manage these highly profitable assets as an ongoing business, which maximized their value to potential bidders, and we'll maintain that continuity," Polk said.
Chevron's asphalt business, which serves the roofing and paving markets, is among the leaders in the nation with $250 million in annual sales.
In the Oct. 11 announcement, Chevron also said it would retain its asphalt businesses in Hawaii and the Southwest. Asphalt marketing in Northern California ended Dec. 31.
Updated: February 1994