Pitt Penn Oil Co. emerged from nearly 21 months of bankruptcy Monday with new ownership based in Cleveland, Ohio.
The Creighton, Pa., blender of automotive lubricants and chemicals has been renamed Pitt Penn Oil Co. LLC, following an acquisition of assets by SpinWell Holding Co., a partnership between businessmen Kenneth Spinelli and Bryan Maxwell. The company said Spinelli and Maxwell have no previous experience in the lubricants industry nor any prior relationship with Pitt Penn. Spinelli is now Pitt Penns president and chief executive officer, Maxwell its chief operating officer.
With the exception of former president and chief executive officer Mark F. Sever, the new company has retained most of its employees from before the June 2001 bankruptcy filing. Officials said operations also remain much the same, although the new owners plan to expand product offerings.
Pitt Penn is a regional blender of automotive chemicals and lubricants, specializing in windshield wiper solvents, antifreeze and motor oils. The company employs approximately 100 people.