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Sunoco to sell Ohio phenol plant

August 18/2011

(Plastemart) -- Sunoco, Inc. has reached a definitive agreement to sell its phenol manufacturing facility in Haverhill, Ohio, to Haverhill Chemicals LLC, an affiliate of Goradia Capital LLC. The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed by the end of 2011.

Sunoco will sell the facility and the estimated value of the product inventory attributable to the facility for a combined purchase price of approximately USD 106.5 mln. The purchase price is subject to adjustment based upon the product inventory on hand at the closing. Sunoco incurred a pretax non-cash charge of USD 169 mln related to the write-down of Haverhill assets in the Q2 of 2011.

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