Sunoco idles refinery, furloughs 400; dividend cut
Tuesday October 6, 2009, 4:20 pm EDT
Sunoco idles Westville, NJ refinery, furloughs 400 and halves dividend
PHILADELPHIA (AP) -- Sunoco Inc. says it will idle its Eagle Point refinery in Westville, N.J., furlough 400 workers and cut its dividend.
The company says it will shift production to nearby facilities in Marcus Hook and Philadelphia. It says storage and handling operations at Eagle Point will continue.
The company says it is trying to cut losses in its refining business. The company says the recession, weak demand for refined products, and increased global refining capacity have made it hard to make a profit.
The company also says it will cut its dividend in half -- to 15 cents per share, down from 30 cents per share previously. The lower dividend takes effect in the first quarter of 2010.
Source: Associated Press
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