Industrial Enterprises of America, Inc. has announced a purchase agreement has been reached to acquire Pitt Penn. The acquisition is planned to be complete by February 10, 2006. Pitt Penn oil Co., LLC will operate as a wholly owned subsidiary of Industrial Enterprises of America.Pitt Penn provides branded automotive products, including engine oils, transmission fluids, gear oils, antifreeze and brake fluid. Located just outside Pittsburgh, Pennsylvania, Pitt Penn also provides contract packaging services for several regional and national brands. Pitt Penn also has an international distribution to over 25 countries.Industrial Enterprises of America, Inc., located in Nevada, is headquartered in New York, New York and currently has three operating subsidiaries.