Monday, Brazilian resin producer Braskem S.A. (BAK) said it has signed a deal with U.S.-based oil company Sunoco, Inc. (SUN) to acquire the polypropylene business of Sunoco Chemicals, Inc.
Sunoco will receive US$350 million for the shares in the polypropylene assets of Sunoco Chemicals, upon closing, within 60 days.
Philadelphia, Pennsylvania headquartered Sunoco Chemicals' three plants located in La Port, Texas; Marcus Hook, Pennsylvania; and Neal, West Virginia, have annual production capacity of 950 thousands tons of polypropylene, accounting for about 13% of installed U.S. polypropylene production capacity.
Braskem's chief executive officer Bernardo Grain, said, "The acquisition of Sunoco Chemicals provides Braskem with a solid and competitive platform for growth in the world's biggest market, which will complement its ongoing internationalization strategy through important greenfield projects under development in Mexico, Venezuela and Peru."
The acquisition also includes a technology and development center in Pittsburgh, Pennsylvania, which is expected to help Braskem in continuing to provide support for clients in product and market development and technical assistance services.
Braskem expects to leverage this base to complete potential acquisitions or strategic alliances in the future and expand its presence in the U.S. market.
JP Morgan and Blackstone acted as financial advisers for Braskem in this acquisition.
BAK is currently up $0.15 or 1.08% and trades at $14.06. SUN is trading at $26.06, up $0.97 or 3.75% on a volume of 331K shares.
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