PHILADELPHIA, Feb. 1 (UPI) — Oil giant Sunoco Inc. said it would sell a portion of its chemical business to a Brazilian firm, Braskem S.A. for $350 million.
In a statement, Sunoco Chief Executive Officer Lynn Elsenhans said the benefits of the deal included “monetizing a business that has not been able to meet its cost of capital, and provides us with capital to redeploy for future growth.”
The sale involves a polymer plant in Marcus Hook, Pa., the Philadelphia Inquirer reported Monday.
The company also said it would shutter an idled refinery in Westville, Pa., at the cost of 400 jobs.
“This provides some closure to employees. They’re not wondering if we’re going to restart the refinery,” Sunoco spokesman Thomas Golembeski said.
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