Pennzoil , Conoco combine specialty petroleum products businesses

July 16, 1997 Pennzoil Products Co and Conoco Inc., have agreed to form a joint venture that will combine portions of their specialty petroleum products businesses. The 50/50 joint venture, to be called Penreco, will have estimated annual sales of about $ 200 million world-wide, the companies said. "By combining the diverse yet complementary manufacturing, technical and marketing abilities of Pennzoil and Conoco, we will create synergies that will make the new Penreco joint venture a leader in the global industrial specialties markets," said Tom Readal, the newly appointed president of the joint venture.
Pennzoil Products will contribute its Penreco and Magie Bros. divisions to the joint venture, while Conoco will contribute its Conosol and LVT solvent businesses.