Infineum Sells Belgium Facility to Texaco

Infineum, the global lubricant and fuel additives company, announced today July 5th, 2001, that, as part of its European manufacturing rationalization program, it has sold its blending and dissolving facility at Gent, Belgium to Texaco. Under the agreement, Texaco will continue to dissolve Infineum's SV series of Viscosity Modifier products at Gent, as a toll processor to Infineum.

"We are very pleased with the outcome of this sale to Texaco which benefits both companies and our customers, who will enjoy a seamless transition and uninterrupted supply of Infineum Viscosity Modifier products." commented Tony Gaskell, President and CEO of Infineum. "Our manufacturing rationalization program is due to excessive capacity of certain products within our European Operations, inherent from the formation of the company. We will continue to optimize our manufacturing and supply base to be more competitive and respond to our customers' needs in the changing economic environment of the additives industry," he added.

Scott Brown, President of Texaco Global Products, commented: "We will use this facility to supplement our existing lubricants manufacturing in the Benelux Region. Its primary function will be the production of specialised lubricants for our major automotive customers. We are also pleased that this arrangement will provide for continued work opportunities for existing employees coupled with a modest number of additional job positions in the near future.

For more information, contact:

Malcolm Rose
Infineum UK
Tel: +44 (0)1235 549 509