SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 29, 1996
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HOWELL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
1-8704 74-1223027
(Commission File Number) (I.R.S. Employer Identification No.)
1111 Fannin, Suite 1500, Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 658-4000
Item 5. Other Events
On May 29, 1996, the Registrant issued a press release announcing that the
Registrant had signed a letter of intent to sell the assets of its subsidiary,
Howell Hydrocarbons & Chemicals, Inc., to Schenectady International, Inc. A
copy of the press release is enclosed herewith and incorporated herein by
reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HOWELL CORPORATION
(Registrant)
Date: May 31, 1996 By /s/ ALLYN R. SKELTON, II
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Allyn R. Skelton, II
Senior Vice President and
Chief Financial Officer
<PAGE>
For Immediate Release Contact: Allyn R. Skelton, II
Senior Vice President &
Chief Financial Officer
(713) 658-4070
HOWELL TO SELL SPECIALTY FUELS AND CHEMICAL BUSINESS
TO SCHENECTADY INTERNATIONAL, INC.
HOUSTON, TEXAS, MAY 29, 1996 -- HOWELL CORPORATION (HWL:NYSE; HWLLP:NASDAQ)
today announced the signing of a Letter of Intent with Schenectady
International, Inc. ("SII") covering the sale by Howell of its research and
reference fuels and chemical custom manufacturing business to SII. The Letter
of Intent is subject to the negotiation of an Asset Purchase Agreement, to
customary due diligence and to regulatory review. The closing of this
transaction is currently contemplated to take place not later than September 30,
1996. When consummated, the divestiture of these assets will mark Howell's exit
from the downstream processing industry.
The offer price is $31 million and is subject to adjustment based upon the
findings of due diligence.
Howell has long been recognized as a leader in the manufacturing and supply
of research and reference fuels for the engine, fuels and lubricants industries.
SII, a 90 year-old privately held firm headquartered in Schenectady, New York,
is a global manufacturer of chemical intermediates and is committed to
continuing the excellent quality and service for which Howell has long been
known.
Paul N. Howell, President and Chief Executive Officer, stated, "This
transaction, while strengthening the balance sheet, will allow the Company to
increase its focus and financial commitment on its primary business of
exploration and production of oil and gas."
Howell Corporation is an independent energy company engaged in oil and gas
exploration, production, marketing and transportation.
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