Sunoco Inc agrees to sell business to Superior Plus
Sep 3, 2009 3:16 PM
Sunoco Inc has reached an agreement to sell its retail heating oil and propane distribution business to Superior Plus Corp for $82.5 million in cash. The transaction is subject to customary conditions, such as regulatory and other approvals, and is expected to close September 30, 2009.
Speaking on the transaction, Sunoco Chairman and Chief Executive Officer Lynn Elsenhans said, “This sale demonstrates our continuing efforts to realign our portfolio of assets and represents another step toward improving our performance and competitiveness. We are grateful to the talented and dedicated employees whose commercial skill and focus on operations made the retail heating oil business a steady contributor to the company for many years. We wish them well as they join Superior Plus.
“We also thank our thousands of loyal customers who chose to remain with Sunoco year after year. We will work with Superior Plus to ensure the smoothest possible transition,” Elsenhans said.
Sunoco’s heating oil and propane distribution business, which includes Sunoco Home Comfort Services, Mohawk Home Comfort Services, and Montour Home Comfort Services, supplies a range of liquid fuels and propane gas throughout Pennsylvania, New York, New Jersey, and Delaware.
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