Sunoco to sell US phenol plant to Honeywell for $85m

18 May 2011 15:07  [Source: ICIS news]

HOUSTON (ICIS)--Sunoco has agreed to sell its 1bn lb/year phenol and acetone plant in Philadelphia for about $85m (€60m) to Honeywell, the US refiner and chemicals producer said on Wednesday.

The move is part of Sunoco’s strategy to divest certain non-core assets, CEO Lynn Elsenhans said.

Last year, Sunoco sold its polypropylene business to Brazil’s Braskem.

Sunoco expects to incur pre-tax charges of up to $150m in the second quarter related to the sale of the phenol plant, it said.

The deal is expected to close in the third quarter.

($1 = €0.70)

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By: Stefan Baumgarten
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