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MAP and Pilot Finalize Travel Center Joint Venture
FINDLAY, Ohio, Aug. 31 /PRNewswire/ -- Marathon Ashland Petroleum LLC(MAP), through its wholly owned retail unit Speedway SuperAmerica LLC (SSA),and Pilot Corporation today closed the transaction that formally creates PilotTravel Centers LLC. The companies announced on March 15, 2001, that they hadsigned a letter of intent to combine their travel center operations. First dayoperations for the new company will commence tomorrow. MAP and Pilot will each have a 50 percent interest in Pilot Travel CentersLLC, in what will now be the largest travel center network in the nation withmore than 235 locations. The new venture, based in Knoxville, Tenn., willhave approximately 11,000 employees. "Today's signing represents the culmination of months of comprehensiveplanning and discussion and reflects the hard work of many dedicated Pilot,MAP and SSA employees," said James A. Haslam III, who will serve as Presidentand CEO. "The prospect of leading this customer focused joint venture isextremely exciting." "This new company combines the complementary retail assets of twooutstanding parent companies in a dynamic growth-oriented venture," said GaryR. Heminger, incoming MAP president. "The creation of this joint venturesatisfies MAP's desire to have a nationwide travel center presence a fullthree years ahead of our strategic business plan. We're eager to develop thisbusiness and we're confident it will grow to be the best of class." Based in Findlay, Ohio, MAP is the nation's fifth largest refiner with935,000 barrels-per-day capacity in its seven-refinery system. MAP is owned62 percent by Marathon Oil Company (NYSE: MRO ) and 38 percent by Ashland Inc.(NYSE: ASH ). SSA, headquartered in Enon, Ohio, is the nation's second largestcompany owned and operated convenience store chain with more than 2,250 storeslocated in 20 states. Most of the stores are operated under the Speedway(R)and SuperAmerica(R) brand names. Based in Knoxville, the privately-owned Pilot Corporation operates67 convenience stores in Tennessee and Virginia, in addition to itsapproximately 140 travel centers. This news release contains forward-looking statements concerning thefuture benefits which may be realized from the combination of MAP's SpeedwaySuperAmerica LLC and Pilot Corporation Travel Center operations. Therealization of anticipated benefits is dependent upon the success with whichthe integration of the operation, management systems and business processes isaccomplished; and the business conditions prevailing in the markets to beserved by the combined operations.
SOURCE Marathon Ashland Petroleum LLC
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