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| Showa Shell Sekiyu to Purchase ITOCHU Corporation's Shareholding in ITOCHU LubNet |
| 10/03/2004 |
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Showa Shell Sekiyu K.K have concluded a share transfer by which Showa Shell Sekiyu purchase all of the shares in ITOCHU LubNet held by ITOCHU Corporation.
ITOCHU LubNet, as a sole agent, is involved in the import and the sale of automotive lubricants of Pennzoil Brand which holds top share in the United States lubricants market now. However, following the acquisition of Pennzoil Quaker State International Corporation by the Royal Dutch/Shell Group in 2002, we are also to acquire the sales right in Japanese market.
Although the purpose of the acquisition is to pursue further effectiveness by integrated supply chain, the lubricants will be sold through existing sales network since Pennzoil is well known as a high-grade automotive lubricants brand.
The transaction is expected to be completed at the end of March. |
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| Profile of ITOCHU LubNet | | Head Office | :2-5-1 Kita-aoyama, Minato ward, Tokyo | | President | :Shinichi Aota | | Paid-in Capital | :14 mil yen | | Net Sales | :474 mil yen (Apr. 2002 to Mar.2003) | | Employees | :9 (as of Dec. 2003) | | Business outline | :Import and sale of Pennzoil Brand / IGOL Brand lubricants and Chemical products |
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