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Markets :: Basic Chemicals :: Petrochemicals :: Phenol
Sunoco to Sell PA Phenol and Acetone Facility to Honeywell
8:08 AM MDT | May 18, 2011 | Lindsey Bewley
Sunoco says it will sell its 1-billion lbs/year phenol and acetone facility at Philadelphia to Honeywell for $85 million. The deal is expected to close in the third-quarter of 2011. The company is expected to incur pretax charges, which are primarily non-cash, of about $125-$150 million related to the sale primarily in the second quarter of 2011. “The sale is another step in our efforts to unlock value for shareholders by divesting certain non-core assets and focusing on our retail and logistics businesses,” says Lynn Elsenhans, chairman...
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