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QUAKER STATE AGREES TO SELL TRUCK-LITE TO PENSKE CAPITAL PARTNERS IN CASH DEAL

The sale of Truck-Lite Company Inc. is generally expected to improve business for the firm.

Quaker State Corp. has signed a letter of intent to sell the company to Penske Capital Parters LLC for an undisclosed amount of cash.

Truck-Lite has about 1,000 employees at its manufacturing plants in Falconer, Wellsboro, Pa., McElhattan, Pa., and Coudersport, Pa., as well as a distribution center in Sacramento, Calif.

About 300 of those workers are at the Falconer plant.

Penske president James A. Hislop said, "The acquisition of Truck-Lite fits well with our strategy of acquiring attractive, specialty products companies in the transportation and related service industries. We are excited about the growth aspects of Truck-Lite and look forward to working with the organization to build this business in the future."

Truck-Lite manufactures safety lights and lights for trucks and trailers.

Quaker State chairman and CEO Herbert M. Baum said "our decision to sell Truck-Lite is consistent with our plan to focus on expanding our consumer car-care products while maintaining a strong presence in lubricants. Penske Capital Partners is an outstanding buyer that is getting a strong business with excellent management."

Quaker State first put the company on the market about four years ago, but withdrew it several months later. Just last year Truck-Lite was forced to lay off 90 workers at its Falconer plant due to a business downturn.

The sale is expected to be finalized by Oct. 31.

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