Sunoco to sell phenol manufacturing facility to Goradia Capital LLC
PHILADELPHIA — 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, according to a press release.
Sunoco will sell the facility and the estimated value of the product inventory attributable to the facility for a combined purchase price of approximately $106.5 million.
The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed by the end of 2011.“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 chairman and CEO. “We appreciate the years of service that the employees at Haverhill have given Sunoco.”