Sunoco to sell Ohio phenol plant for $106.5mn
US refiner Sunoco has agreed to sell its phenol manufacturing facility in Haverhill, Ohio, to Haverhill Chemicals, an affiliate of Goradia Capital LLC.
Sunoco will sell the facility and the estimated value of the product inventory attributable to the facility for a combined price of approximately $106.5 million, it said.
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 $169 million related to the write-down of Haverhill assets in the second quarter of 2011.
The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed by the end of 2011, the company said.
"The sale of the Haverhill manufacturing facility continues our efforts to unlock value for shareholders by divesting certain non-core assets and completes our exit from the chemicals business," said Lynn L. Elsenhans, Sunoco's CEO.
Alberto Spera, the new CEO of Haverhill Chemical, said, “I am truly excited by this acquisition. We are impressed by the Haverhill team, and I look forward to working together to create a successful company.”
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