Texaco Press Release - Texaco and Chevron Form Joint Venture: Fuel and Marine Marketing LLC
Business Growth And Customer Service To Be Primary Focus Of New Company
FOR IMMEDIATE RELEASE: MONDAY, NOVEMBER 2, 1998.
WHITE PLAINS, N.Y., Nov. 2 - Texaco and Chevron today announced the formation and operational start-up of Fuel and Marine Marketing LLC (FAMM), a joint venture combining the global residual fuel and marine lubricants marketing businesses of both companies. FAMM will have annual sales of 170 million barrels of fuel and 80 million gallons of marine lubricants, and will operate from 25 offices located in key markets around the world. Texaco holds 69 percent ownership of the new company and Chevron has 31 percent.
In a joint statement, Glenn F. Tilton, Texaco Inc. Senior Vice President and President, Global Businesses, and Patricia Woertz, President of Chevron Products Co., said, "The creation of this joint venture reflects our continuing commitment to the marine lubricants and global residual fuels businesses in an increasingly competitive environment. Our customers will receive better service and a wider range of products, and our employees will be afforded greater opportunities. Most importantly, this company is well-positioned for growth and poised to become a world leader in the marine lubricants and residual fuel businesses."
C. Michael Bandy, General Manager of Texaco Fuels and Marine Marketing, has been named President of FAMM. Headquartered in White Plains, N.Y., the new company will be governed by a five-person Management Committee, which includes:
Thomas S. Neslage - General Manager, Texaco Global Products George J. Batavick - Deputy Comptroller, Texaco Inc. Peter McCrea - Vice President, Chevron Products Co. Dave Krattebol - Vice President, Finance, Chevron Products Co. C. Michael Bandy - President, FAMM
The joint venture will serve customers in approximately 450 ports and over 100 countries worldwide.
Updated: November 1998