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Armour Trust PLC (AMR)

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Tuesday 11 April, 2000

Armour Trust PLC

£10.5M Disposals to Pennzoil-Quaker State Limited

Armour Trust PLC
11 April 2000

              Armour Trust plc (the 'Company')

   Proposed sale of Airfresh (UK) Limited, Bluecol Brands
   Limited, Bars Motor Products Limited and Nilco Chemical
              Company Limited (the 'Disposal')

Armour Trust plc is pleased to announce that it has entered
into  a  conditional  agreement with Pennzoil-Quaker  State
Limited, a wholly owned subsidiary of Pennzoil-Quaker State
Company  (NYSE: PZL) to sell the whole of the issued  share
capital  of  Airfresh  (UK) Limited  ('Airfresh'),  Bluecol
Brands  Limited,  Bars  Motor Products  Limited  and  Nilco
Chemical  Company Limited ('Bluecol Group').  The  Disposal
is  conditional  upon shareholder approval which  is  being
sought at an extraordinary general meeting of the Company.

The  gross aggregate consideration is £10.5 million payable
in  cash on completion, approximately £3.2 million of which
relates to the repayment of intra-group debt.

Airfresh  manufactures and sells a range of car air
fresheners. Products include Feu Orange, Highland Fresh
and a range of character air fresheners.  Its principal
customers are Polco, Halfords, Maccess and Impex. In the
twelve months ended 30 April 1999, Airfresh reported a
profit before tax of £0.4 million on a turnover of £3.1
million.  As at 31 October 1999, Airfresh had net assets of
£1.4 million.  As at 31 January 2000, Airfresh employed 31

Bluecol Group is a manufacturer and distributor of branded
and own label cleaning and maintenance products for
automotive, domestic and industrial applications. Its
brands include Bluecol antifreeze, Bars, Jenolite,
Nilco and Buddy.  It has a wide customer base which
includes Halfords, Maccess and Partco on the automotive
side and Tesco, Macro, Booker and Lakeland on the domestic
and industrial side.

In the twelve months ended 30 April 1999, Bluecol Group
reported a profit before tax of £0.5 million on a turnover
of £7.1 million.  As at 31 October 1999, Bluecol Group had
net liabilities of £0.9 million.  As at 31 January 2000,
Bluecol Group employed 56 people.

The  net  proceeds from this transaction will  be  used  to
eliminate the Group's bank borrowings.  The balance of  the
proceeds  will  be  placed on deposit  pending  appropriate
acquisition and investment opportunities.

Roger Pinnington, Armour Trust's Chairman, commented:

'The   Disposal   removes  two  of  the   major   obstacles
constraining  the  Company's growth;  namely  the  lack  of
available  funds to invest and the Company's  high  gearing
ratio.   The Company can now look to consolidate and  build
on the newly formed audio electronics division, focusing on
the technology sector where growth potential is strong'

11 April 2000


George Dexter, Chief Executive    Armour Trust plc  01892 502 700
John Harris, Finance Director            '                '

Tony  Bartlett                 Beeson Gregory     020 7488 4040
Henry Turcan                          '                 '