Sunoco, Inc. has completed the previously announced sale its stock of subsidiary Sunoco Chemicals Inc., comprised of its polypropylene business, to Braskem S.A., for approximately $350 million.
”The sale demonstrates our continued progress in realigning our portfolio of assets and provides capital to redeploy for future growth in our core businesses,” said Lynn Elsenhans, chairman and CEO of Sunoco. “We are grateful to the talented and dedicated employees who made the business an important part of the company for many years. We wish them well as they join Braskem.”
Included in the sale were manufacturing facilities in Marcus Hook, Pa.; La Porte, Texas; and Neal, W.Va., which have the combined capacity to produce about 2.1 billion pounds of polypropylene annually. The sale also included a research and technology center located in Pittsburgh.
Sunoco Inc., headquartered in Philadelphia, manufactures and markets petroleum and petrochemical products. It operates about 4,700 retail sites.