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Eastman Chemical to Acquire BP's Aviation Turbine Engine Oil Business
Eastman Chemical last Tuesday announced that it has entered into a definitive agreement to acquire the assets of BPs global aviation turbine engine oil business, with annual revenues of approximately $100 million. The acquisition includes a production facility in Linden, NJ, and specialized laboratory equipment located in Naperville, IL.
[FULL STORY]
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Chrysler Name Changed to Fiat Chrysler Automobiles; Company Adopts New Logo
After completion of the purchase of 100% of Chrysler Group LLC, the Board of Directors of Fiat S.p.A. last Wednesday approved a corporate reorganization and the formation of Fiat Chrysler Automobiles as the corporate name of the now fully-integrated global automaker. Along with this, the company has adopted a new corporate logo.
[FULL STORY]
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NAD Recommends BP Discontinue Advertising Claims for Castrol EDGE
The National Advertising Division has recommended that BP Lubricants USA, Inc. discontinue comparative advertising claims based on a torture test that pits BPs Castrol EDGE motor oil against ExxonMobils Mobil 1 motor oil.
[FULL STORY]
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Afton Chemical Posts Record Operating Profit
Afton Chemical achieved record operating profit of $375.3 million in 2013 compared to last years operating profit of $372.0 million. Operating profit for the fourth quarter of 2013 was $80.0 million, an improvement of 12 percent over fourth quarter last year. Sales for the fourth quarter of 2013 increased 8 percent to $554.0 million.
[FULL STORY]
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Major Oil Company Quarterly Profits Continue to Fall
ExxonMobil, Shell, and Chevron reported lower fourth quarter earnings compared to 2012 fourth quarter. ExxonMobil's fourth quarter earnings were $8.35 billion, down 16%. Shells fourth quarter earnings, on a current cost of supplies (CCS) basis, were $2.2 billion compared with $7.4 billion. Chevron's earnings were $4.9 billion for the fourth quarter compared with $7.2 billion.
[FULL STORY]
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Valvoline Quarterly Income and Sales Increase
Valvoline reported another solid quarter ending December 31. Total lubricant volumes increased 4 percent, with particular strength in the international business, where volumes rose 10 percent. EBITDA rose 11 percent, to $83 million, and EBITDA as a percent of sales was 17.1 percent.
[FULL STORY]
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