New York, New York...February 14, 2000...............Amerada Hess Corporation announced today that it has entered into an agreement with The Meadville Corporation to acquire the 51% of the outstanding stock of The Meadville Corporation that it does not already own for approximately $168 million. The purchase includes 178 Merit retail gasoline stations and associated corporate assets located in the Northeast.
Amerada Hess said that the Merit retail network will greatly strengthen the Hess brand in the New York City, Boston and Philadelphia metropolitan areas.
The transaction is expected to close in early May. All of the stations will be rebranded Hess after closing.
Contact: Amerada Hess Corporation - C.T. Tursi (212) 536-8593