Sunoco completes sale of Ohio phenol complex
Haverhill Chemicals has completed its previously-announced $106.5 million acquisition of Sunoco’s phenol manufacturing facility in Haverhill, Ohio.
Haverhill Chemicals is an affiliate of Goradia Capital, a private equity company specializing in the chemical sector.
The entire work force in Haverhill will be employed by the new company and will bring a wealth of experience in the manufacturing of phenol/acetone/bisphenol-A, the company said.
The addition of an experienced team in the Houston headquarters will allow the new company to be a primary player in the market segment, it said.
“I am excited by this acquisition and by the opportunities that will open up in the future. All customers in North America will benefit from the motivated and dedicated team that we have in place and will enjoy first class service to support their activities” said Alberto Spera, Haverhill Chemicals CEO.
Sunoco is attempting to exit both the chemicals and refining businesses, with a new focus on fuel retail and logistics.
Earlier this year, Sunoco agreed to sell its phenol/acetone plant in Philadelphia to Honeywell for about $85 million. It also sold its polypropylene (PP) assets to Braskem in a $350 million deal.
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