Sunoco Sale Completes Exit From Chemicals

Sunoco has agreed to sell its Haverhill, Ohio, phenol plant to Goradia Capital, a holding company affiliated with the petrochemical distribution firm Vinmar International. The $107 million sale includes a plant that makes phenol and acetone via the oxidation of cumene as well as a bisphenol A plant. The move completes Sunoco’s departure from the chemical business. Earlier this year, Sunoco agreed to sell a phenol and acetone plant in Philadelphia to Honeywell. Last year, the company sold its polypropylene business to Braskem. Sunoco acquired the Haverhill plant and a large portion of the polypropylene business through its $695 million purchase of Aristech Chemical in 2001. Sunoco is incurring a $169 million charge related to the write-down of the Haverhill plant.