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Markets :: Basic Chemicals :: Petrochemicals :: Propylene

Sunoco Seeks to Sell Chemical Business

9:24 AM MST | December 22, 2008 | Vincent Valk

Sunoco says it plans to sell its chemical business, a leading U.S. producer of polypropylene and phenol. The company’s chemical assets “consistently generate income and cash but have not met targets for return on investment,” says Sunoco CEO Lynn Elsenhans. Interest could come from strategic buyers in the petrochemical sector or from private equity, Elsenhans says. The company is actively pursuing the sale and “execution depends on ability to get reasonable value,” Elsenhans says. Sunoco defines reasonable value as “present...

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