HomeMy WebLinkAboutLINCOLN EAST CONVENIENCE CENTER PUD (DIAMOND SHAMROCK) - PRELIMINARY - 40-94C - MEDIA -DIAMONDS ARE UL7RAMAR'S BEST FRIEND: A announced Monday they are merging into one com-
customer leaves a Diamond Shamrock gas station pany, to be known as Ultramar Diamond Shamrock
Monday. Diamond Shamrock Inc. and Ultramar Corp. Corp., that will be based in San Antonio.
Diamond Shamrock, Ultramar to merge
By The Associated Press 4) -,2'1- )4 Store, Stop N Go and Diamond said Roger Hemminghaus, Di
Shamrock stores in nine states.
It has the best-selling gasoline
in Texas and is No. 2 in'Colo-
rado and New Mexico.
SAN ANTONIO — Oil refin-
ers Diamond Shamrock Inc.
and Ultramar Corp. said Mon-
day they plan to merge in an
all -stock deal that will enable
them to better compete in the
Southwest.
The merged company will
take a new name, Ultramar Di-
amond Shamrock Corp., and
generate sales of more than $8
billion a year.
Diamond Shamrock, based in
San Antonio, refines oil and
sells gasoline in the Southwest
through about 2,700 Corner
Ultramar, based in Green-
wich, Conn., refines oil and sells
gasoline in California. It also
sells gas and heating oil in east-
ern Canada and New England.
Its gasoline brands are Ultra -
mar, Beacon and Sergaz.
"This merger will position the
new company for greater pen-
etration of attractive western
U.S. markets, including Ari-
zona, California and Nevada,."
amond Shamrocks chairman
and chief executive officer.
The two companies said the
merger is projected to bring cost
savings of $25 million in 1997
and $75 million a year by 1998
through the reduction of over-
head and administrative costs.
Ultramar has about 4,000
employees and Diamond Sham-
rock has more than 13,000.
About 200 employees will be
laid off as a result of the merg-
er, with many job cuts coming
in California. The new company
will be based in San Antonio.
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