Sunoco to sell retail heating oil unit for $82.5M
Wednesday September 2, 2009, 11:04 am EDT
Sunoco to sell retail heating oil and propane distribution unit to Superior Plus for $82.5M
PHILADELPHIA (AP) -- Oil refiner Sunoco Inc. said Wednesday it will sell its retail heating oil and propane distribution business to Canada's Superior Plus Corp. for $82.5 million in cash, as it continues to realign its portfolio of assets.
Sunoco's heating oil and propane distribution business supplies a broad range of liquid fuels and propane gas throughout Pennsylvania, New York, New Jersey and Delaware. The business includes Sunoco Home Comfort Services, Mohawk Home Comfort Services and Montour Home Comfort Services.
Canadian-based Superior Plus said the deal will help it expand its fuel distribution footprint into the United States.
Shares of Sunoco rose 11 cents to $25.75 in morning trading.
Source: Associated Press
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