FUCHS PETROLUB AG, Mannheim, one of the world's leading lubricant producers, has decided, in view of the planned merger of the refining and marketing operations of SHELL (GERMANY) and DEA, to agree with DEA to terminate the joint venture FUCHS DEA SCHMIERSTOFFE founded in 1998.
This means that on December 31, 2001, DEA will withdraw from FUCHS DEA SCHMIERSTOFFE, which anticipates sales of just under Euro 280m for the current year.
DEA's settlement comprises transfer of the Hamburg-Grasbrook Division, which at the same time will constitute the basis for future supply of the DEA sales channels and the workshop business with lubricants under the DEA brand. No cash compensation above and beyond this will be made.
As from January 1, 2002, FUCHS PETROLUB AG will continue to run the former FUCHS DEA SCHMIERSTOFFE as a subsidiary (100 %) operating under the name of FUCHS EUROPE SCHMIERSTOFFE GMBH.
Mannheim, December 21, 2001
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
D-68169 Mannheim
Tel.: +49(0)621/3802-104