Braskem acquires Sunoco’s polypropylene business for $350m

01 February 2010 13:38  [Source: ICIS news]

LONDON (ICIS news)--Braskem has acquired Sunoco’s polypropylene (PP) business for $350m (€252m), the Brazilian petrochemicals and plastics resins major said on Monday.

US-based Sunoco would receive $350m in return for the PP business of Sunoco Chemicals, on the basis that the deal closes within 60 days, Braskem said.

“The acquisition of Sunoco Chemicals provides Braskem with a solid and competitive platform for growth in the world’s biggest market, which will complement its ongoing internationalisation strategy through important greenfield projects under development in Mexico, Venezuela and Peru,” said Braskem’s CEO, Bernardo Gradin.

Included in the sale were Sunoco's polypropylene manufacturing facilities located at Marcus Hook in Pennsylvania; at La Porte in Texas; and at Neal in West Virginia, which produce approximately 950,000 tonnes/year of PP, and a technology and development centre at Pittsburgh.

($1 = €0.72)

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By: Franco Capaldo
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