UMW strengthens Pennzoil business

Malaysia’s UMW Holdings Group is investing some 15 million ringgit (US$4.77 million) to strengthen its Pennzoil lubricant distribution business and establish itself in the international lubricant arena. UMW has bought a 30% share in Lubetech Sdn Bhd (LSB) for 5.9 million ringgit (US$1.88 million) and a 50% stake in UMW Pennzoil Distributors Sdn Bhd (UPD) for 9.1 million ringgit (US$2.9 million) from Pennzoil-Quaker State Co. (PQSC). Upon completion of the acquisitions, LSB and UPD will become wholly owned units of UMW. (November 30, 2010)