Sunoco Inc. has reached a definitive agreement to acquire 25 retail locations from Lehigh Gas Corp., a Bethlehem, Penn.-based distributor of petroleum products.
While the terms of the purchase were not disclosed, the retail assets are located in the Buffalo, Syracuse, Albany, and Rochester markets of central and northern New York.
“The acquisition of these 25 sites shows that we are making progress in growing our retail fuels and convenience business,” said Lynn Elsenhans, Sunoco’s chairman and CEO. “We believe our brand- and logistics-led strategy will continue to generate value for shareholders.”
“This purchase shows our commitment to smartly growing our retail presence in areas where we enjoy great brand recognition and have strong logistics assets,” said Bob Owens, Sunoco’s senior vice president of marketing. “These high-quality locations strengthen our position in upstate New York markets.”
Ten of the locations will be company operated. Direct franchise dealers will operate the remaining stations. The sites will begin conversion to the Sunoco brand starting in April 2011.
Sunoco is a transportation fuel provider, with operations located primarily in the East Coast and Midwest regions of the U.S. The company operates more than 4,800 branded retail locations that market transportation fuels and convenience store merchandise in 23 states.