Sunoco has agreed to sell its chemical unit to Brazilian petrochemical and resin producer Braskem for $350 million. The deal "produces value for our shareholders by monetizing a business that has not been able to meet its cost of capital and provides us with capital to redeploy for future growth," said Sunoco CEO Lynn Elsenhans. Sunoco is expecting to post a pre-tax charge of about $190 million in the first quarter as a result of the deal.

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