Sunoco says it's selling its Frankford phenol and acetone manufacturing plant, plus inventory, to Honeywell for $85 million. Some 162 Sunoco workers and a handful of headquarters workers "will be going with the sale," said Sunoco spokesman Thomas Golembeski. Honeywell will honor the Steelworkers union contract for the site. Statement here.
The deal "will help assure the long-term stable operation of (Honeywell) Resins & Chemicals’ Hopewell, Virginia facility" and meet US orders plus "high-growth" demand from Asia, he added. "This is also an opportunity to enter new end markets for phenol and acetone, chemicals produced at this Frankford facility."