Braskem acquires Sunoco Polypropylene business for US$350 mln

Braskem SA, leading producer of petrochemicals and thermoplastic resins in the Americas, has acquired Sunoco Chemicals, Inc. The deal comprises of its polypropylene business, to Braskem for approximately US$350 mln in cash. The sale will include assets and inventory attributable to the polypropylene business, subject to a market-based working capital adjustment at the time of closing. The transaction is subject to regulatory approval and customary closing conditions, and is expected to close on or before March 31, 2010. Included in the sale are Sunoco's polypropylene manufacturing facilities in Marcus Hook, Pennsylvania; La Porte, Texas; and Neal, West Virginia, which have the combined capacity to produce approximately 2.1 bln lbs of polypropylene annually. The sale also includes Sunoco's Research and Technology Center located in Pittsburgh, Pennsylvania. This sale by Sunoco is an effort to realign its portfolio of assets and improve returns on invested capital. Sunoco Inc however will retain its phenol and derivatives business located in US.
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