PEAK (automotive products)
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Formerly called
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Old World Trading Company |
|---|---|
| Private | |
| Industry | Automotive, Chemical |
| Founded | November 1, 1973 |
| Founder | J. Thomas Hurvis Riaz H. Waraich |
| Headquarters | 4065 Commercial Avenue, Northbrook, Illinois, United States |
| Brands | PEAK, SplitFire |
| Website |
www www |
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.
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.
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.
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. 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.
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Wikipedia