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SUNOCO
HOSTS OPEN-HOUSE CELEBRATION AT ITS NEWLY ACQUIRED TECHNOLOGY
& COMMERCIAL CENTER IN HAZELWOOD
Business
and community leaders and local elected officials tour the
state-of-the-art chemicals research facility formerly operated
by Pittsburgh-based Aristech Chemical Corp.
PITTSBURGH, October
12, 2001 – Sunoco, Inc. hosted an open-house celebration at
its newly acquired Technology & Commercial Center in the
Pittsburgh Technology Center. Chairman and CEO John G. Drosdick
welcomed business and community leaders and elected officials
from the Pittsburgh region to the state-of-the-art chemical
research center.
Pennsylvania-based Sunoco
purchased Pittsburgh’s Aristech Chemical Corporation in
January 2001 from Mitsubishi Corporation, enhancing the company’s
commitment to southwestern Pennsylvania and its strategic focus
in the chemicals business. The acquisition included the research
center and five chemical plants, including one at Neville Island
that employs 107 people. Sunoco is one of the nation’s largest
petroleum refining and marketing companies and has expanded its
chemicals business in recent years. Sunoco is the leading
gasoline brand in the Pittsburgh region with over 150 stations
and convenience stores.
"The successful integration
of Aristech into our organization has enabled us to be more
competitive in the chemicals industry. This is an important step
in Sunoco’s growth in this industry and in our home
state," said Drosdick. "Through this acquisition, our
chemicals business has doubled and, more importantly, we have
further solidified the strength of the technology-based
chemicals industry in Pittsburgh’s changing economy. We are
extremely pleased with the enthusiasm and talent of the new
employees who have become an integral part of the Sunoco
team." Sunoco now employs almost 1,000 people in the region
and over 6,000 across Pennsylvania.
Barbara McNees, president of the
Greater Pittsburgh Chamber of Commerce, joined Drosdick at the
event.
Ms. McNees lauded Sunoco for its
plans to play a more integral role in the region’s business
community. "Sunoco’s commitment to strengthening its
relationship with the Pittsburgh region and its business
community is commendable," said McNees. "The company
is genuinely excited about the opportunities to be involved in
leadership of our region's cultural and civic
organizations."
"Sunoco is a strong company
with a century of history in Pennsylvania and a long record as a
solid and responsible corporate citizen," said Mayor Tom
Murphy when asked. "The impact of Sunoco’s enhanced
presence in the region will indeed be noteworthy."
In addition to the research
center in Hazelwood and the plant at Neville Island, Sunoco
obtained chemical plants in Neal, West Virginia; Haverhill,
Ohio; and Pasadena and LaPorte, Texas, through the acquisition.
Annually, these plants have the capacity to produce 1.5 billion
pounds of polypropylene, more than 1.6 billion of phenol and
related derivatives, including bisphenol-A, and 800 million of
plasticizers and related feedstocks. The five production
facilities employ 1,100 people.
According to Drosdick, Sunoco
purchased Aristech’s chemical plants and the research center
in Pittsburgh in order to create a "platform for
expansion" in today’s research-driven, high-growth
petrochemical industry.
"This acquisition will
provide enhanced earnings power for our company and will
establish a platform for expansion in product lines having high
demand growth," said Drosdick. "The polypropylene and
phenol businesses integrate well with our existing chemical
operations and are a significant step in upgrading Sunoco’s
portfolio of businesses. We have acquired excellent facilities
that were recently expanded and modernized by Aristech and we
are quickly realizing synergies within Sunoco Chemicals through
the integration of marketing, distribution, feedstocks and
corporate services."
Sunoco, Inc. (NYSE: SUN),
headquartered in Philadelphia, PA, is a leading manufacturer and
marketer of petroleum and petrochemical products. With 730,000
barrels per day of refining capacity, approximately 4,100 retail
sites selling gasoline and convenience items, interests in over
10,000 miles of crude oil and refined product pipelines and 35
product terminals, Sunoco is one of the largest independent
refiner-marketers in the United States. Sunoco is a growing
force in petrochemicals with over nine billion pounds of gross
annual production capacity, largely chemical intermediates used
in the manufacture of fibers, plastics, film and resins.
Utilizing a unique, patented technology, Sunoco also
manufactures almost two million tons annually of high-quality
metallurgical-grade coke for use in the steel industry. For
additional information, visit Sunoco’s web site at
www.sunocoinc.com.
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