Company:PEAK (automotive products)

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Old World Industries, LLC
FormerlyOld World Trading Company
TypePrivate
IndustryAutomotive industry , Chemical
FoundedNovember 1, 1973
FounderJ. Thomas Hurvis
Riaz H. Waraich
Headquarters4065 Commercial Avenue,
Northbrook, Illinois
,
United States [1][2]
BrandsPEAK, SplitFire
Websitewww.oldworldind.com
www.peakauto.com

Old World Industries (OWI) is an automotive and chemical company best known for their PEAK brand of motor oil, antifreeze and other automotive products. The company markets itself as an "independent, family-owned business". It sells products in over 60 countries.[2][3][4][5]

History

The company was founded in 1973 as a chemical trading company by ad agency owner Tom Hurvis and his friend, Pakistan -born cotton exporter Riaz Waraich during a Petrochemical shortage related to the 1973 oil crisis. The company began exporting cotton to Asia and Europe in 1984. In 1986, Old World purchased the Peak brand from Enron Chemical, becoming the second-best-selling brand of antifreeze in the U.S. by 1994. The company introduced a line of spark plugs called SplitFire in 1990.[4][5][6]

In 1999, OWI purchased chemical company Celanese AG (spun off from parent company Celanese), which focused on Ethylene oxide and Ethylene glycol production based in Clear Lake, Texas . In 2012, Old World sold the chemical division to Thailand-based Indorama Ventures for $795 million.[1][5][7]

Brands

  • PEAK
  • BlueDEF – Diesel exhaust fluid marketed under the PEAK brand
  • Sierra – marketed as a safer alternative antifreeze[1][2]
  • Herculiner – pickup truck bed liners[2]
  • Fleet Charge – engine coolant[1]
  • Final Charge – heavy duty engine coolant
  • Blue Mountain Professional – windshield wiper blades
  • SmartBLADE – wiper blades
  • SplitFire spark plug

Endorsements

Kyle Petty in 1989.
Paul Menard's Menards/PEAK Antifreeze Chevy in 2008.

PEAK is known for its sponsorship of motorsports teams and events, primarily in the IndyCar Series, NASCAR, and the NHRA. OWI sponsored the fall Sprint Cup Series event at Dover International Speedway from 1989–1992 as the PEAK Antifreeze 500 and from 1993–1994 as the SplitFire Spark Plug 500. It began sponsoring NASCAR's online iRacing.com series in 2009, becoming the title sponsor in 2014 for what is now the NASCAR Peak Antifreeze Series.[8][9] The brand announced it would sponsor the NASCAR Mexico Series, beginning in 2017, on October 18, 2016. As a result, the series was officially renamed to the NASCAR PEAK Mexico Series.

Drivers and teams endorsed by PEAK

  • Kyle Petty – drove a PEAK-sponsored car for Team SABCO from 1989 to 1990
  • Danica Patrick[1]
  • Michael Waltrip (NASCAR)[10] - BK Racing
  • Clint Bowyer (NASCAR)[10] – Stewart-Haas Racing
  • Paul Menard – through the Menards company
  • John Force Racing (NHRA) – Drivers John, Courtney, and Brittany Force and Robert Hight[10]
  • Daniel Suarez [11]
  • Matt Kenseth [12]
  • Haas F1 Team (Formula 1) – Car No. 8 (Romain Grosjean) and 20 (Kevin Magnussen)[13]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "Old World Industries Sells Chemical Business to Indorama Ventures PCL". Northbrook, Illinois: Old World Industries, PR Newswire. February 7, 2012. 
  2. ↑ 2.0 2.1 2.2 2.3 "Old World Industries, LLC Company Profile". Hoovers. http://www.hoovers.com/company-information/cs/company-profile.Old_World_Industries_LLC.95667d79f00c36f3.html. Retrieved 21 April 2015. 
  3. ↑ "ABOUT PEAK: No big oil execs, no board of directors, and zero hype.". PEAK. 2015. http://www.peakauto.com/peak-info/about/. Retrieved 21 April 2015. 
  4. ↑ 4.0 4.1 "AMERICAN INGENUITY AT WORK: OWI drives technology and innovation". Old World Industries. http://www.oldworldind.com/about/mission/. Retrieved 21 April 2015. 
  5. ↑ 5.0 5.1 5.2 "Client Profile: Tom Hurvis". William Blair & Company. 2013. http://www.williamblair.com/Home/ClientFocus/ClientFocus-Spring2013-2.aspx. Retrieved 21 April 2015. 
  6. ↑ Gruber, William (April 17, 1995). "Old World Sparks A Surefire Success In Own Private Way". Chicago Tribune. http://articles.chicagotribune.com/1995-04-17/business/9504170168_1_spark-plug-yarn-antifreeze. Retrieved 21 April 2015. 
  7. ↑ Whiteman, Lou (February 7, 2012). "Indorama to acquire Old World unit". The Deal Pipeline. http://www.thedeal.com/content/industrials/indorama-to-acquire-old-world-unit.php. Retrieved 21 April 2015. 
  8. ↑ "NASCAR, iRacing.com Announce Six Year Licensing Extension". Racer Media & Marketing, Inc.. February 13, 2015. http://www.racer.com/more/press-room/item/113439-nascar-iracing-com-announce-six-year-licensing-extension. Retrieved 21 April 2015. 
  9. ↑ "iRacing.com and PEAK® Antifreeze/Coolant Ink Multi-Year Commitment". Bedford, Massachusetts: PR Newswire. February 21, 2014. http://www.prnewswire.com/news-releases/iracingcom-and-peak-antifreezecoolant-ink-multi-year-commitment-246522841.html. Retrieved 21 April 2015. 
  10. ↑ 10.0 10.1 10.2 "Team PEAK". PEAK. http://www.peakauto.com/teampeak/. Retrieved 21 April 2015. 
  11. ↑ http://www.prnewswire.com/news-releases/old-world-industries-and-joe-gibbs-racing-announce-multi-year-partnership-300419524.html
  12. ↑ http://www.prnewswire.com/news-releases/old-world-industries-and-joe-gibbs-racing-announce-multi-year-partnership-300419524.html
  13. ↑ https://www.haasf1team.com/news/peak%C2%AE-coolant-antifreeze-bluedef%C2%AE-diesel-exhaust-fluid-partner-haas-f1-team




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