Wednesday, August 7, 2002 VOLUME 2 ISSUE 32   Subscribe or Unsubscribe CONTACT US E-MAIL COMMENTS TO: Lube Report Editor ISSUE ARCHIVE July 31, 2002 Vol. 2 Issue 31 July 24, 2002 Vol. 2 Issue 30 July 17, 2002 Vol. 2 Issue 29 [MORE] Valvoline Parent to Replace CEO Valvoline parent company Ashland Inc. announced Friday that Chairman and Chief Executive Officer Paul W. Chellgren is stepping down after violating a company policy against dating subordinates. The company has yet to name a successor. Some analysts suggest that replacing Chellgren from within (perhaps James O'Brien or David D'Antoni?) would mean that Ashland will probably keep Valvoline, while an outsider might be more open to selling the motor oil business. [Click here to view FULL STORY]   MMT Battle Pits Ethyl Against Automakers Ethyl Corp. originally designed its MMT gasoline additive as an octane booster. Now the company is heralding the product as a way to keep phosphorus from poisoning emissions control systems without forcing drastic changes in motor oil formulation. Automakers, however, are vigorously contesting MMT's merits. [Click here to view FULL STORY]   Third Coast Closes for Good Third Coast Industries will not rise from the ashes of a devastating fire, after all. The lubricant blender, which said six weeks ago that it intended to rebuild the plant that was destroyed in the May 1 blaze, said last week that it has exited the lubes business. [Click here to view FULL STORY]   Ethyl Reports Lower Earnings, Reduced Debt Ethyl Corp. said that its second quarter earnings from continuing operations dropped 73 percent, to $1.4 million, or 9 cents per share. Decreased earnings from sales of the tetraethyl lead gasoline additive outweighed a 26 percent increase in operating profit from the petroleum additives segment. [Click here to view FULL STORY]   P-QS Shareholders Approve Shell Offer Pennzoil-Quaker State Co. said Thursday that its shareholders have approved Shell Oil Co.'s offer to buy the company for $22 per share -- with more than 99 percent of the shares voted in favor of the plan at the company's annual meeting. An endorsement by the U.S. Federal Trade Commission is the only remaining hurdle to the deal. Shell expects to complete the purchase by early October.   Base Oil Price Report Posted prices for paraffinic base oil in the United States were unchanged during a quiet week for the market. Postings of principal U.S. suppliers are listed below. [Click here to view FULL STORY]   Copyright © 2002 LNG Publishing Co., Inc. All rights reserved. Tim Sullivan, Editor. Lube Report, Lubes'n'Greases Magazine and Lubricants Industry Sourcebook are published by LNG Publishing Co., Inc., 6105-G Arlington Blvd., Falls Church, Virginia 22044 USA. Phone: (703) 536-0800. Fax: (703) 536-0803. Website: www.LNGpublishing.com. Email: info@LNGpublishing.com. For sponsor information contact Gloria Steinberg Briskin at (800) 474-8654 or (703) 536-7676 or gloria@LNGpublishing.com. Forward to a colleague Privacy Policy

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