Sunoco Announces Purchase of Retail Outlets From Coastal
8 December 2000
Sunoco Announces Purchase of Retail Outlets From CoastalPHILADELPHIA, Dec. 8 Sunoco today announced that it has signed a definitive agreement to purchase retail gasoline outlets from Coastal Mart, Inc., a subsidiary of The Coastal Corporation. The purchase includes approximately 100 owned or leased sites with convenience stores, which will be rebranded to Sunoco gasoline and APlus(R) convenience stores. Sunoco will also supply 150 Coastal contract dealers as part of the transaction. The sites are located in the eastern U. S. with the largest concentration in PA, NJ, VA, and TN. Completion of the transaction is subject to regulatory review. "We are excited to be adding this network of sites to our system of over 2,700 locations in the U.S. Northeast," said Sunoco Chairman and Chief Executive Officer John G. Drosdick. "These sites expand our existing retail footprint in the eastern U.S. and will substantially increase our presence in the convenience store market. It is part of a consistent strategy to grow and diversify the company's retail presence, particularly where we have an integrated refining, marketing, and logistics system. The acquisition of these sites from Coastal and our recently announced agreement with Wal-Mart are significant steps toward achieving that goal."