Sunoco Selling Chemical Division To Brazilian Firm
Philadelphia-based Sunoco Inc. is selling its chemical division to Braskem SA, a Brazilian firm, for $350 million in cash. The deal includes its Marcus Hook plant, along with plants in La Porte, Texas and Neal, W.Va.; and the Pittsburgh research and technology center that it acquired from Mitsubishi Corp. back in 2001 during the Bush administration for $700 million.
The division makes polypropylene, a heavy plastic that is used in consumer materials.
Hope and change.
And you wonder why we gave Brazil a $2 billion loan last August to help them sell oil to the Chinese.
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