April 6 (Environmental Expert) -- Sunoco, Inc. said today that it has completed the previously announced sale of the stock of its subsidiary Sunoco Chemicals, Inc., comprised of its polypropylene business, to Braskem S.A., for approximately $350 million.
Speaking on the transaction, Sunoco Chairman and Chief Executive Officer Lynn L. Elsenhans said, ⌠The sale demonstrates our continued progress in realigning our portfolio of assets and provides capital to redeploy for future growth in our core businesses. We are grateful to the talented and dedicated employees who made the business an important part of the company for many years. We wish them well as they join Braskem.
Included in the sale were manufacturing facilities in Marcus Hook, Pennsylvania; La Porte, Texas; and Neal, West Virginia, which have the combined capacity to produce approximately 2.1 billion pounds of polypropylene annually. The sale also included a research and technology center located in Pittsburgh, Pennsylvania.