Philadelphia-based Sunoco Inc., a manufacturer of petroleum and petrochemical products, has agreed to sell its polypropylene (PP) business subsidiary Sunoco Chemicals Inc. to Braskem S.A., a Brazil-based producer of petrochemicals and thermoplastic resins, for approximately $350 million. The sale will include Sunoco's PP manufacturing plants in Marcus Hook, Pa.; La Porte, Texas; and Neal, W.Va., which combined have the capacity to produce approximately 2.1 billion pounds of PP annually. The sale is expected to be completed by March 31.

February 16, 2010