Valvoline Lube Blending Plant Ceases Production November 2004

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). The Valvoline Company, a wholly-owned division of Ashland Chemical, based in Covington, Kentucky, will cease manufacturing operations November 1, 2004, in College Park, Georgia, as a result of a company downsizing. This closure will affect 23 employees at the site, while maintaining a staff of seven, including the plant and maintenance managers. The equipment will remain on location; however, the site will be converted to a bulk line shipping facility, as stated by plant manager, David Boone. Production will be divided between Valvoline's Cincinnati, Ohio, and Deer Park, Texas, plants.

Valvoline's Cincinnati plant, with 100 employees, will be assuming the new production load during the first week in October. The plant in Deer Park, Texas, underwent an expansion earlier in 2004 and will be starting up the additional production in October. This plant employs 37.

Ashland, a transportation, construction, chemical, and petroleum company is a Fortune 500 company with sales and operations throughout the U.S. and over 120 countries around the world. Ashland's operations include four wholly-owned divisions: Ashland Paving and Construction (APAC), Ashland Distribution, Ashland Specialty Chemical, and Valvoline. Ashland also owned 38% of Marathon Ashland Petroleum LLC, in a joint venture with Marathon Oil.

Marathon Oil owned 62% of MAP, but had an option to buy out Ashland's 38% early 2005. That option was moved up to March 2004, when it was announced that Ashland was selling its interest in MAP for approximately $315 million in Marathon stock and an additional $2.7 billion in cash.

Ashland looks to pay the incurred debt with proceeds from the sale. Ashland is considering acquisitions for its specialty chemicals business with the proceeds of the sale of MAP. In addition to MAP, Marathon will assume Ashland's maleic anhydride business and about 60 Valvoline instant oil change stores in the American Midwest. The deal, subject to regulatory and shareholder approval, is expected to close by the end of the 2004 calendar year.