Burmah Castrol PLC
17 May 2000
BURMAH CASTROL
ANNUAL GENERAL MEETING
Burmah Castrol plc ('Burmah Castrol'), the international
specialised lubricants and chemicals group, held their annual
general meeting today in Edinburgh, where the following
comments were made:
'2000 has started very well. Castrol Consumer continues to
build on its strong position particularly within Asia Pacific
and within Europe, where performance is improving in somewhat
better markets. The lag effect of base oil price increases has
had some short-term effect on margins in North America and
India, but generally speaking we remain confident that base
oil price increases can be offset through a combination of
price increases and operating efficiencies. Industrial has
started to benefit from the action taken to improve business
efficiency, and is also performing better in Europe.
Commercial is making strong progress in all its markets, but
Marine is facing a difficult time with stiff price competition
and rising raw material costs.
Our Chemicals businesses have also made a good start and in
particular continue to improve margins. There has been strong
progress in most of our European operations, and Asia Pacific
continues to improve. The acquisitions made last year are
making a useful contribution, in addition to providing
increased geographic and technical coverage.'
For further information, please contact:
James Alexander,
Corporate Affairs director, Burmah Castrol plc 01793 452006
Rachel Hirst/Harriet Keen
Hogarth Partnership Limited 0207 357 9477
A copy of this release plus further company information is
available on our website: www.burmah-castrol.com
Notes to Editors
Note 1
Burmah Castrol businesses market specialised lubricant and
chemical products and services on a worldwide basis. The
group had a turnover close to £3 billion and operating
profits, before exceptional items, of £283 million for the
full year 1999. It has over 150 subsidiaries operating in
over 60 countries and employs some 18,000 people. Burmah
Castrol is based around a series of international businesses,
each focused on the specific requirements of its own market
place but sharing common characteristics. Four of the group's
businesses trade under the Castrol brand name and the
remaining businesses operate in speciality chemicals.
Note 2
On Tuesday 14 March 2000, the Boards of Burmah Castrol and BP
Amoco announced they had agreed a recommended cash offer for
Burmah Castrol. BP Amoco's offer, which is pre-conditional on
certain regulatory clearances, values Burmah Castrol at
approximately £3 billion. Following the acquisition, Castrol
will become BP Amoco's leading lubricants brand, with its
products made available through the group's 28,000 retail
sites and to BP Amoco's automotive, industrial and marine
customers around the world.
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