Oil refiner Sunoco Inc (SUN.N) said on Wednesday it would sell a chemicals plant in Philadelphia to Honeywell International (HON.N) for about $85 million and take a charge of $125 million to $150 million. The sale of the Frankenford phenol manufacturing facility is expected to close in the second quarter and is the latest in a series of asset sales by Sunoco, which is focusing on developing its retail and logistics businesses. The plant produces phenol, which is used in resins, nylon fibers and solvents, as well as acetone, which is used in plastics, signs, plexiglass and paints. Honeywell's shares were down 5 cents in thin trading ahead of the market open.
Sunoco, Inc. (Sunoco) is a holding company that, through its subsidiaries, operates as a petroleum refiner and marketer, and chemicals manufacturer with interests in logistics and coke making. Shares of SUN remained unchanged at $38.98. In the past year, the shares have traded as low as $26.93 and as high as $46.98. On average, 2501820 shares of SUN exchange hands on a given day and today's volume is recorded at 0.
Honeywell International Inc. (Honeywell) is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation. Shares of HON remained unchanged at $58.98. In the past year, the shares have traded as low as $37.89 and as high as $62.28. On average, 4306790 shares of HON exchange hands on a given day and today's volume is recorded at 600.
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