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View Diary: EPA shuts down coke plant, 263 lose jobs (29 comments)

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  •  Well, while the website for this (4+ / 0-)
    Recommended by:
    murrayewv, jm214, Aquarius40, RosyFinch

    company make it look like they're a bunch of mid-western rubes, Suncoke is actually a subsidiary of Sunoco, until it was spun off this year under the leadership of Frederick A. Henderson
    whom you may remember as the CEO of GM who replaced the one fired by Barack Obama.

    Suncoke's IPO in July was for $16.00 a share.  Today's price is $13.57.  The IPO stated quite frankly that Suncoke would get no money from the selling of shares.

    Following the completion of the initial public offering, Sunoco is expected to own approximately 83.4 percent of SunCoke Energy.

    Credit Suisse, BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers for the offering.

    Apparently, this fellow is one of our indispensable CEOs

    On February 19, 2010, GM announced that Henderson would serve as a consultant on their international operations, to be paid $709,080 per year.[13]

    On Thursday September 2, 2010, Sunoco, Inc. announced that Henderson would join the company as senior vice president, and will lead the company's SunCoke Energy unit as chairman and CEO when it is spun off in 2011.[14]

    And we love Sunoco why?  Ah, yes, of course.

    Irene hit the eastern seaboard at the weekend as a tropical storm but heavy rains and a storm surge caused massive flooding.

    As of Wednesday morning, Sunoco's Philadelphia and 178,000 bpd Marcus Hook, Pennsylvania, refineries were operating at reduced rates, according to the U.S. Energy Department.

    Sources familiar with refinery operations told Reuters on Monday that one of the Philadelphia refinery's crude distillation units was shut by flooding from the hurricane. Another crude unit had been shut by a fire the previous week.

    by hannah on Sat Sep 03, 2011 at 09:50:14 AM PDT

    •  Thanks for this expansion..... (1+ / 0-)
      Recommended by:

      I do think it is important for people to realize these are multinational companies with lots of connections.  These folks want less EPA regulation so they can make more money, not so they can create more jobs.  If they could move to a mechanized plant and eliminate 80% of the jobs, they would invest in that plant in a heartbeat.

      You shall know the truth, and the truth shall make you mad. Aldous Huxley

      by murrayewv on Sat Sep 03, 2011 at 10:08:10 AM PDT

      [ Parent ]

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