Local Dryden Oil Co. takes the Castrol name

Maryland Watch

November 10, 1998

One hundred and five years after its creation as a Baltimore-based, family owned oil company, Dryden Oil Co. said yesterday that it will change its name to Castrol Heavy Duty Lubricants Inc.

Dryden was purchased by Great Britain's Burmah Castrol PLC in 1991. Now, as Dryden plans westward expansion, it wants a name with national recognition.

"The Castrol brand name is the only way to do that," said Dryden President and Chief Executive Officer Jeff Farley. "Dryden is predominantly known east of the Mississippi River."

Farley said the company is doing research to determine the feasibility of opening distribution sites in Chicago and Dallas next year.

Dryden employs about 200 people at its White Marsh headquarters and 200 at its 43 distribution sites, which reach from New York to Kansas to Florida. The company had revenue of $92 million in 1997, Farley said.

Castrol, which trades on the London Stock Exchange, had revenue of $4.8 billion in 1997, with a profit of $240 million. American depositary receipts of Castrol closed at $31.125, down 62.5 cents, yesterday on the Nasdaq stock exchange.

Pub Date: 11/10/98

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