MAP to Sell Convenience Stores to Sunoco
FINDLAY, Ohio - Marathon Ashland Petroleum LLC (MAP), through its wholly owned retail unit Speedway SuperAmerica LLC (SSA), on Friday announced that it has signed a definitive agreement to sell all 193 of its convenience stores located in Florida, South Carolina, North Carolina and Georgia to Sunoco for $140 million plus store inventory.
The companies anticipate closing the transaction in the second quarter of 2003, subject to any necessary regulatory approvals and customary closing conditions.
"This transaction represents the ongoing implementation of MAP's three-pronged retail marketing strategy, which includes continued focus on SSA's solid Midwest operations, additional growth in the Marathon Brand and continued growth with the Pilot Travel Center joint venture," said Gary R. Heminger, MAP president.
SSA, headquartered in Enon, Ohio, is the nation's second largest company-owned and operated convenience store chain with more than 1,960 stores located in 13 states. Most of the stores are operated under the Speedway and SuperAmerica brand names.
Based in Findlay, Ohio, MAP is the nation's sixth largest refiner with 935,000 barrels-per-day capacity in its seven-refinery system. MAP is owned 62 percent by Marathon Oil Company and 38 percent by Ashland Inc.
Philadelphia-based Sunoco Inc. is a leading manufacturer and marketer of petroleum and petrochemical products. With 730,000 barrels per day of refining capacity, more than 4,300 retail sites selling gasoline and convenience items, interests in more than 10,000 miles of crude oil and refined product pipelines and 35 product terminals, Sunoco is one of the largest independent refiner-marketers in United States.
The companies anticipate closing the transaction in the second quarter of 2003, subject to any necessary regulatory approvals and customary closing conditions.
"This transaction represents the ongoing implementation of MAP's three-pronged retail marketing strategy, which includes continued focus on SSA's solid Midwest operations, additional growth in the Marathon Brand and continued growth with the Pilot Travel Center joint venture," said Gary R. Heminger, MAP president.
SSA, headquartered in Enon, Ohio, is the nation's second largest company-owned and operated convenience store chain with more than 1,960 stores located in 13 states. Most of the stores are operated under the Speedway and SuperAmerica brand names.
Based in Findlay, Ohio, MAP is the nation's sixth largest refiner with 935,000 barrels-per-day capacity in its seven-refinery system. MAP is owned 62 percent by Marathon Oil Company and 38 percent by Ashland Inc.
Philadelphia-based Sunoco Inc. is a leading manufacturer and marketer of petroleum and petrochemical products. With 730,000 barrels per day of refining capacity, more than 4,300 retail sites selling gasoline and convenience items, interests in more than 10,000 miles of crude oil and refined product pipelines and 35 product terminals, Sunoco is one of the largest independent refiner-marketers in United States.