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Eastman to decide PET units fate this year, mulls additional Tritan sites

May 18/2010

(Plastics Today) -- Continuing difficulties in the polyethylene terephthalate (PET) market and the rapid rise of its next-generation copolyester have prompted chemical and plastics manufacturer Eastman Chemical Co. (Kingsport, TN) to reassess its portfolio, with the previously announced strategic review of its PET unit to be concluded this summer. On April 23, the company announced that it was considering a sale of that business, hiring financial management and advisory firm Merrill Lynch to assess its options.

 

At a May 13 event in Kingsport to celebrate the official opening of its new Tritan copolyester production line, Mark Costa, executive VP specialty polymers, coatings, adhesives and chief marketing officer told PlasticsToday that Eastman hopes to make a decision about the unit's fate this year. "We have been clear that the PET business obviously hasn't performed to our expectations," Costa said. "We have launched a strategic process to examine who would be the best owner of that business, whether it's us or someone else. We think it's a very attractive business, and there is very strong interest in that business as we run that strategic process."

 

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Eastman to decide PET units fate this year, mulls additional Tritan sites

 

 

 

 

 

 

 

 

 

 

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