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| Exchange Disseminated Time | Tide Water Oil (India) Ltd has informed BSE regarding a Press Release dated October 25, 2011 titled "Tide Water Oil (India) Ltd. acquires Veedol International Ltd. from BP plc"
Press Release:
"Tide Water Oil Co. (India) Ltd., a member of the multi divisional Andrew Yule group and a leading lubricant manufacturer in India., today announced that it has acquired 100% of the shares of Veedol International Ltd. ("VIL") from Castrol Ltd and Lubricants UK Ltd., wholly owned subsidiaries of BE plc ("BP"), BP announced its intention to sell the Veedol brand through a competitive bidding process earlier this year.
Tide Water, having built a substantial lubricant business in India using the Veedol Brand, had an obvious interest in acquiring VIL as it presented a rare and unique opportunity purchase a near 100 year old lubricant brand with an established and strong brand image globally.
Through this acquisition, Tide Water Oil will get the global rights to a wide portfolio of registered trademarks for the master brand - "veedol" - as well as its associated product sub-brands and iconic logos. Post acquisition, all rights, title and interest in the "Veedol" brand will pass on to Tide Water Oil in the territories where VIL previously owned registrations for the "Veedol" brand in more than 100 countries.
The brand "Veedol" has a long history, built from its grand beginnings in several of the world's most important lubricant markets. It was the motor oil chosen by Henry Ford to be the lubricant in the world’s first mass - produced car, the Model "T" Ford in the USA. It was also the chosen lubricant for the first airship to fly around. the world, the Graf Zeppelin front Germany, and the first non-stop flight across the Pacific Occean from Japan to the USA, the "Miss Veedol" p1ane.
Millions of motorists across the world have at one time or another used Veedol lubricants for their cars, bikes or trucks.
Tide Water has been, a pioneer of Automotive and Industrial lubricants in India since 1928. Its range of products includes engine oils for trucks, tractors, construction equipment, passenger cars and two/three wheelers. It also produces gear oils, transmission oils, coolants and greases. Tide Water Oil has tie-ups for manufacture of genuine oils with a number of renowned OEMs in the automotive and industrial equipment segment. It reaches out to its customers through its, pan India distribution network with, its popular "Veedol" range of products, widely accepted for their quality and excellence.
The acquisition of VIL by Tide Water is expected to open up opportunities for export and sale of Lubricants under the "Veedol" brand to various geographies around the world.
Modem day online forums reflect a, passionate and zealous enthusiasm for the Veedol brand, many of which, tell stories of pride and passion. With nostalgia, credibility and anticipation. eagerly awaiting its future, Veedol shall continue to flourish as the "Professional’s choice". |
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