US Sunoco to sell Haverhill phenol plant to Goradia for $106.5m

16 August 2011 21:42  [Source: ICIS news]

HOUSTON (ICIS)--Sunoco has reached an agreement to sell its phenol plant in Haverhill, Ohio, to an affiliate of Goradia Capital, a conglomerate with other petrochemical holdings, the US-based refiner said on Tuesday.

The purchase price will be $106.5m (€73.5m), Sunoco said.

The plant has a phenol capacity of 306,000 tonnes/year and an acetone capacity of 173,000 tonnes/year, according to ICIS plants and projects.

"The sale of the Haverhill manufacturing facility continues our efforts to unlock value for shareholders by divesting certain non-core assets and completes our exit from the chemicals business," according to a statement by Lynn Elsenhans, Sunoco's chief executive. "We appreciate the years of service that the employees at Haverhill have given Sunoco."

The plant will be owned by Haverhill Chemical, an affiliate of Goradia. The head of Haverhill Chemical will be Alberto Spera.

Other Goradia affiliates include Vinmar International, a polymer and petrochemical marketer.

Earlier this year, Sunoco agreed to sell its 1bn lb/year (450,00 tonne/year) phenol and acetone plant in in Philadelphia for about $85m.

($1 = €0.69)

By: Al Greenwood
+1 713 525 2645

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