SUNOCO TO
PROCEED WITH PURCHASE OF
ARISTECH CHEMICAL
PHILADELPHIA,
Dec. 15, 2000 - - Sunoco said today that it is pleased to report that the waiting
period required by the Federal Trade Commission has expired and Sunoco's purchase of the
Aristech chemical business may proceed as planned.
On November 9, Sunoco announced the
signing of a definitive agreement to acquire Pittsburgh-based Aristech Chemical
Corporation. Included in the purchase are
five Aristech chemical plants located at Neal, WV, Haverhill, OH, Neville Island, PA,
Pasadena and LaPorte, TX and a state-of-the-art research center in Pittsburgh. Under the terms of the agreement, Sunoco will
acquire the stock of Aristech from Mitsubishi Corporation.
The purchase price is $695 million, including approximately $115 million for
working capital.
Sunoco, Inc. (NYSE: SUN), headquartered
in Philadelphia, is one of the largest independent petroleum refiner-marketers in the
United States. Sunoco operates five domestic
refineries with 730,000 barrels-a-day of crude oil processing capacity and markets
gasoline through more than 3,600 Sunoco retail outlets in 17 states from Maine to Virginia
and west to Indiana. Sunoco sells lubricants
and petrochemicals worldwide, operates domestic pipelines and terminals, and manufactures
metallurgical-grade coke for use in the steel industry.
For additional information, visit Sunocos web site at www.SunocoInc.com.
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