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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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 10, 1994
QUAKER STATE CORPORATION
(exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-2677 25-0742820
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(Commission File Number) (IRS Employer Identification Number)
255 Elm Street, Oil City, PA 16301
(Address of Principal Executive Offices)
Registrant's Telephone Number, including area code: 814/676-7676
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Item 5. Other Events.
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On May 10, 1994, Quaker State announced that it was negotiating an
agreement with G.E. Capital Corporation for the sale of Quaker State's
subsidiary Heritage Insurance Group, Inc. for approximately $85 million subject
to certain possible adjustments. For further information, see the Press Release
dated May 10, 1994 included as Exhibit 99 to this report on Form 8-K.
Item 7. Exhibit.
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(c) 99. Press Release dated May 10, 1994, filed herewith.
SIGNATURE
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.
Date: May 12, 1994 Quaker State Corporation
By: /s/ Herbert M. Baum
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Herbert M. Baum, Chairman of the Board
and Chief Executive Officer
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EXHIBIT 99
Quaker State Corporation
Stephen D. Blum
Office: 814-676-7877
Home: 814-676-0820
GE Capital Corporation
Thomas F. Lamb, Jr.
Office: 203-357-4346
Home: 203-452-9889
QUAKER STATE TO SELL HERITAGE INSURANCE GROUP TO GE CAPITAL
OIL CITY, PA, May 10, 1994 --Quaker State Corporation and GE Capital
today announced they are negotiating an agreement for the sale of Quaker
State's wholly owned Heritage Insurance Group subsidiary to GE Capital for
approximately $85 million. It is hoped that a definitive agreement will be
signed shortly.
Under the agreement, GE Capital would acquire 100 percent of the stock
in Heritage. The transaction, subject to regulatory approval, would be
expected to close in the third quarter of this year.
Herbert M. Baum, Quaker State's chairman and chief executive officer,
said, "Heritage has been a valuable part of the Quaker State portfolio since
1984, however, on a long-term basis it does not fit our lubricants and
lubricant services strategy. We plan to reinvest the proceeds of this sale in
opportunities that better support this strategy."
Edward D. Stewart, executive vice president of GE Capital, said,
"Heritage provides an attractive platform to extend GE Capital's existing risk
management capabilities and expand the array of insurance products and services
we offer in the market, especially in the area of vehicle service contracts."
Heritage operates in 49 states, offering credit life and health
insurance, specialty indemnity coverage for auto and consumer products, and
service contract reimbursement insurance for auto dealers through a network of
independent insurance professionals.
Quaker State Corporation is principally a producer of branded motor oil
and lubricants and a marketer of products and services in the automotive
aftermarket. Subsidiaries provide efficient and inexpensive fast lube services,
produce natural gas and crude oil, and manufacture safety lighting equipment
for cars and trucks.
GE Capital, a wholly owned subsidiary of General Electric Company, is a
diversified financial services company headquartered in Stamford, CT. GE
Capital's activities include equipment management, mid-market financing,
specialized financing, specialty insurance and consumer services. GE is a
diversified manufacturing, technology and services company with operations
worldwide.
