Sunoco to Sell Phenol Manufacturing Facility to Honeywell

Sunoco, Inc. SUN announced today that it has reached a definitive agreement to sell its one billion pounds per year phenol and acetone manufacturing facility in Philadelphia, Pa. to Honeywell. Sunoco will sell the facility and the estimated value of the product inventory attributable to the facility for a combined purchase price of approximately $85 million. The product inventory will be valued at market prices at closing. The company is expected to incur pretax charges, which are primarily non-cash, of approximately $125-$150 million related to the sale primarily in the second quarter of 2011.