Sunoco owns in fee approximately 55 of the sites that are up for sale. An additional 23 sites are subject to long-term leases. The remaining 112 are dealer-owned properties with supply agreements with Sunoco.
The intent of the sale is to maximize "the return on capital employed and cash flow from our assets," said John G. Drosdick, chairman and CEO. "As we grow our Sunoco branded business, we will continue to re-deploy our investments into markets and channels of supply that offer the best potential returns."
No estimate of the anticipated sale price was available. This February, Sunoco paid Speedway SuperAmerica $140 million for 193 gas station and convenience store sites in four Southeastern states.
Sunoco, which is among the largest independent refiners and marketers of petroleum and petrochemical products in the US, operates 4,300 retail gasoline and convenience store outlets.
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