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Show National Enterprise , March 31, 1976 Page Two Phillips Turns Over Operations to TOSCO BARTLESVILLE, Okla-Phill- ips Petroleum Company and The Oil Shale Corporation (TOSCO) have announced the closing of TOSCO's acquisition of Phillips West Coast refining, terminaling and marketing properties and inventories is scheduled for April 1 and both companies expect the transaction to be completed on that date. Final terms of the sale, which grew out of a ruling by a U.S. District Court, have been approved by Judge Warren L. Ferguson of the Central District of California; and TOSCO announced that its financing has been arranged subject to completion of documentation and customary closing re G & K Services Completes Acquisition approximately $230 million, principally in cash with balance in notes and $49 million face value of TOSCO preferred stock. Funding for the TOSCO acquisition was arranged with the help of Lehman Brothers Incorporated, and is being provided with the assistance of, among others, a syndicate of banks and certain institutional lenders; and TOSCO is acquiring substantial funds from other trade sources, of some of including the assets being purchased. A subsidiary of GATX Corporation, Chicago, is purchasing four of the major storage terminals and Southland Corporation, Dallas, Texas, is purchasing approximately 180 of the gasoline stations. TOSCO entered into a purchase contract with Phillips in June 1975, and had hoped to complete the transaction in September last year; but TOSCOs originally contemplated plan of financing was quirements. The assets being purchased by TOSCO consist of a refinery at Avon, California, which normally processes some 100,000 barrels per day of crude oil; petroleum inven- tories; approximately 725 gasoline stations plus related terminal and bulk plants. Total consideration involved is MINNEAPOLI- S- G & K Services, Inc., (OTC 4.75, 5.25) has purchased the assets of Peoria Apron and' Towel Supply, Inc., of Peoria, 111., Richard Fink, president of G & K Services, announced today. Peoria Apron and Towel Supply leases work garmets, industrial towels and linens to industrial, commercial and institutional customers in Peoria and the surrounding region of central Illinois. Annual sales volume of the re-sa- le Security Brokers, Dealers, Corporate Officials, Attorneys. company is about $1 million, said Fink. The purchase price wasnt disclosed. Present management will continue to operate the Peoria firm. This is the third acquisition G & K Minneapolis-base- d Services has made in Illinois. In 1974 the company acquired two garmet leasing firms in Rockford, which were combined into a single operation serving customers in northern Illinois and southern Wisconsin. G & K Services leases and frustrated by uncertainty regarding the applicability of maintains textile products for California's interest rate laws commercial and industrial to a corporate borrower uses. The company also has acquiring conventional long- operations in Colorado, Minterm insurance company nesota, Utah and Wisconsin. loans. The revised program of Sale? in the fiscal year ended financing now being com- - June 28, 1975, totaled $14.9 million. continued on page twelve hand for sweaty palms A helping Juristics Securities Law Seminars help you avoid problems under securities regulations. Theyre education on tape to protect you and your clients. Z & Z Fashions Opens Mens Store ' Complete, current, concise seminars covering the field of Securities Law, you learn at your leisure from experts. Listen and learn while you commute to the office, while you have lunch, in the evenings as you relax at home. 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All for THE NATIONAL JURISTICS Send for your Juristics Securities Law Seminars now. Juristics, Inc. 233 Parker, Suite 101 P.O.Box 11126 San Francisco, California Subscriptions 1 8 per year 35 Cents a Copy The National Enterprise is published weekly by the National Enterprise Publishing Company, Inc, 500 Continental Bank Bldg., P.0. Boi 11778, Pioneer Station, Salt lake Cty, Utah 84147. (801) 6 S33-0SS- Second Class Postage Paid m Salt Lake City, 941 01 Please send me the Juristics 1 2 Cassette Seminar on Securities Law. My check for $100.00 is enclosed. R. George Gregersen Publisher Alene Name. E. Bentley Editor Street Address. .State. City Charge my Master Charge Bankamericard Expiration Date. Account Number Signature .Zip. Ryan B. Poulton Business Manager Mary McMillan Gaber Staff Reporter : Cydi Johansson Circulation Manager Utah |