Sunoco Completes Spin-off of SunCoke Energy
01/18/2012 - SunCoke Energy became a 100% publicly traded company this week as a result of Sunoco’s distribution of its remaining SunCoke shares to Sunoco shareholders.
SunCoke Energy, Inc. became a 100% publicly traded company this week as a result of Sunoco, Inc.’s distribution of its remaining shares of SunCoke common stock to Sunoco shareholders. Sunoco previously held approximately 80.9% of the outstanding shares of SunCoke.
“Today marks the completion of the planned separation of SunCoke Energy from Sunoco,” said Frederick A. “Fritz” Henderson, Chairman and CEO of SunCoke Energy, Inc. “As an independent, publicly-owned company, we believe SunCoke has increased flexibility to pursue domestic and international growth strategies, meet the needs of our steelmaking customers and create opportunities for our employees and shareholders.
This week’s distribution was made in the form of a tax-free, pro-rata distribution of all Sunoco’s remaining shares of SunCoke common stock in the form of a special dividend to Sunoco shareholders. Sunoco shareholders received 0.53046456 of a share of SunCoke common stock for every one share of Sunoco common stock held as of the January 5, 2012 record date. Sunoco will deliver cash in lieu of a fractional share of SunCoke common stock.
“We thank Sunoco’s leadership team led by Lynn L. Elsenhans and the Sunoco Board of Directors for their support and for working to ensure that our company has a solid foundation from which to grow our business over the long-term,” concluded Henderson.
SunCoke Energy expects to report fourth quarter 2011 financial results before market open on Thursday, February 2, 2012.
SunCoke Energy, Inc. is the largest independent producer of metallurgical coke in the Americas, with about 50 years of experience supplying coke to the integrated steel industry. The company employs a heat recovery cokemaking process to produce high-quality coke for use in steelmaking, captures waste heat for derivative energy resale and meets or exceeds environmental standards. The company’s cokemaking facilities are located in Virginia, Indiana, Ohio, Illinois and Vitoria, Brazil, and its coal mining operations, which have more than 100 million tons of proven and probable reserves, are located in Virginia and West Virginia.
