AVFUEL AGREES TO PURCHASE Texaco's GENERAL AVIATION BUSINESS IN FOURTEEN STATES
FOR RELEASE: FRIDAY, SEPTEMBER 7, 2001
Ann Arbor, Michigan, September 7 - Avfuel Corporation, the nation's leading independent supplier of aviation fuels and services, announced today that it has entered into an agreement with Texaco to purchase Texaco's general aviation business in California, Alaska, Washington, Idaho, Nevada, Oregon, Utah, Arizona, Louisiana, Mississippi, Alabama, Georgia, Florida and Tennessee.
The divestiture of this portion of Texaco's general aviation business satisfies the requirement by the U.S. Federal Trade Commission in the consent order issued, granting approval for the merger of Chevron and Texaco. The two companies have scheduled separate shareholder meetings on October 9th, to seek final approval for the merger. Completion of this acquisition is expected shortly after the merger close.
This purchase is Avfuel Corporation's seventh aviation acquisition, and the fourth public company division to be incorporated into Avfuel. This string of acquisitions began over a decade ago under the leadership of Avfuel President Craig R. Sincock. Avfuel acquisitions include Pride Aviation, a division of Pride Companies, L.P. (NYSE-PRF) in 1988, Triton Fuel Group, a division of Triton Energy Ltd. (NYSE-OIL) in 1993, and PS Trading (NYSE-PSG) in 1998.
Avfuel Corporation was founded in the early 1970's and has been under Sincock's leadership since 1984. Due to consistent sales growth, aggressive acquisitions and marketing alliances with other companies, Avfuel has grown from a regional supplier to a major international presence in aviation.
"The acquisition of this portion of Texaco's General Aviation business takes Avfuel Corporation up to the next level in its mission to become an undisputed global leader in general aviation," notes Sincock.
Avfuel will be stepping into Texaco's supply relationships, which, when combined with Avfuel's existing supply sources, results in one of the strongest and most diverse supply networks in the industry.
As part of the transition, Ron Grundstein, Vice President and General Manager, North America, Texaco Aviation Products, LLC, Frank Dellapenta, Vice President of Texaco Aviation Products, LLC, and four regional account managers will be leaving Texaco to join the Avfuel team.
Commenting on the announcement, Grundstein said, "I have thoroughly enjoyed my 21-year association with Texaco's aviation business, and now look forward to joining Avfuel, whom I consider one of the most respected, innovative and aggressive suppliers in the general aviation industry."
Based in Ann Arbor, Michigan, Avfuel serves more than 700 branded dealers and 2,500 other aviation customers nationwide.
Updated: September 2001