Texaco Press Release - Texaco Acquires Distributeur D'accessoires Distac (Distac)
FOR RELEASE: TUESDAY, NOVEMBER 14, 2000
MISSISSAUGA, ONTARIO, CANADA, Nov. 14 - The Texaco Lubricants Company division of Texaco Products Inc., today announced the acquisition of Distributeur D'Accessoires Distac (Distac), an independent lubricant company based in Montreal, Quebec. The acquisition was effective November 1, and, as of that date, the company has been operating under the Texaco brand name. The value of the transaction was not disclosed.
The former Distac operation is capable of providing a full range of lubricant blending, packaging and transportation services to customers in the Quebec and Eastern Canadian marketplaces. Facilities include: a fleet of delivery vehicles, blending facilities, a fully equipped quality control laboratory, sales force and customer technical support. The Distac product slate includes agricultural and mold release lubricants, as well as other branded lubricants, complemented by a large commercial and industrial customer base.
Commenting on the acquisition, Scott Brown, President of Texaco Global Products, said, "The purchase of Distac greatly enhances Texaco's lubricant manufacturing and marketing position within the Canadian marketplace. It also allows us to provide full service and expanded Texaco product offerings to customers within this important market area, while making our operations in this region more efficient and cost effective."
Texaco Lubricants Company is headquartered in Mississauga, Ontario. The company manufactures and markets Texaco's extensive line of commercial and automotive lubricants, greases, antifreeze/coolants and fuels additives throughout Canada. This acquisition reflects the company's commitment to investment and growth in the Canadian lubricant marketplace.
Operating in over 150 countries worldwide, Texaco explores for and produces crude oil, natural gas and natural gas liquids; manufactures and markets high quality fuels and lubricants; and operates trading, transportation and distribution facilities; and produces alternate forms of energy. Texaco is a world leader in gasification technology, an environmentally advanced technology for the conversion of coal, petroleum coke and other low-value hydrocarbons into a clean synthesis gas, which is used for the production of electric power as well as chemical products and industrial gases, including hydrogen.
For more information about Texaco, visit the company's website at http://www.texaco.com
This press release contains a number of forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, statements made concerning Texaco's expected performance and financial results in future periods are based upon Texaco's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
The following factors known to Texaco, among others, could cause Texaco's actual results to differ materially from those described in the forward-looking statements: mechanical failures, decreased demand for motor fuels, natural gas and other products, above or below average temperatures, pipeline failures, oil spills, worldwide and industry economic conditions, inaccurate forecasts of crude oil, natural gas and petroleum product prices, increasing price and product competition, price fluctuations, higher costs, expenses and interest rates, the outcome of pending and future litigation and governmental proceedings, continued availability of financing, strikes and other industrial disputes, import and export controls, price controls, environmental, health and safety regulations, divestiture of operations foreign exchange rate changes, restrictions as to convertibility of currencies, tariffs and other international trade restrictions. In addition, you are encouraged to review Texaco's latest reports filed with the SEC, including Texaco's Annual Report on Form 10-K filed with the SEC on March 30, 2000, which describes a number of additional risks and uncertainties that could cause actual results to vary materially from those listed in the forward-looking statements made in this press release.
Updated: November 2000