Texaco Press Release - Texaco to Acquire Amoco Poland
FOR RELEASE: TUESDAY, JULY 29, 1997.
WHITE PLAINS, N.Y., July 29 - Texaco today announced it has signed an agreement to acquire Amoco Poland Petroleum Products Sp.zo.o ("Amoco Poland"), which will make Texaco one of the largest western retail fuel operators in Poland. The agreement is subject to approval by the Polish Government.
Under the terms of the agreement, Texaco will acquire twelve service stations and 33 land sites which will be available for development. The stations include convenience stores.
These facilities, when added to Texaco's existing network of service stations, stand-alone convenience stores, and lubricants marketing operations, will allow Texaco to capitalize on the improving margins and rapid expansion of the Polish market. The agreement will expedite a brand identity development program focusing on quality, convenience and customer service.
Commenting on the acquisition, Texaco Vice President and President of Texaco International Marketing and Manufacturing Clarence P. Cazalot Jr., said: "This acquisition will allow us to rapidly expand our marketing business in Poland, which is one of the fastest growing economies in Central Europe and an important growth area for Texaco."
Updated: July 1997