Texaco Press Release - Texaco Buys Infineum's Belgium Blending Facility
FOR RELEASE: Friday, July 6, 2001
GENT, BELGIUM, July 6, 2001 - Texaco today announced the purchase of a blending facility in Gent, Belgium, from Infineum, a global lubricant and fuel additives company.
Under the agreement, Texaco will continue to manufacture Infineum's Viscosity Modifier products at the new facility, as well as producing specialised engine and transmission oils for the automotive industry. This will further supplement Texaco's existing lubricants manufacturing in the Benelux Region, which manufactures and supplies lubricants to the automotive, marine and industrial markets.
Scott Brown, President of Texaco Global Products, commented: "The primary function of this facility will be the production of high quality specialized lubricants for our automotive customers. We are pleased that this arrangement will provide continued work opportunities for the existing blend plant employees coupled with a modest number of additional job positions in the near future.
"Today's announcement further strengthens Texaco's lubricants business in Europe and provides a boost to Texaco's growth in the global lubricants market."
Texaco Global Products is one of the world's premier lubricants, coolants and additives companies. It has built strong links with Original Engineering Manufacturers to develop future generation lubricants and coolants in line with new vehicle and technology developments.
Notes to editors:
Headquartered in Houston, Texas, Texaco Global Products LLC is responsible for the development, manufacturing and marketing of lubricants, coolants and fuel additives worldwide.
Infineum was formed as a joint venture between ExxonMobil Chemical Company, a division of the Exxon Mobil Corporation, The Shell Petroleum Company Ltd and Shell Oil Company, and became fully operational on 1 January 1999. The company has its worldwide office in the UK, with three regional business centres located in Singapore, UK and USA.
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 forward-looking statements are subject to risk factors associated with the lubricant businesses. It is believed that the expectations reflected in these statements are reasonable, but may be affected that by a variety of variables which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, production results, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates, and worldwide and industry economic condition. 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 26, 2001, 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: July 2001