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Eastman Chemical to sell PET business and related assets for US$600 mln

October 26/2010

(Plastemart) -- Eastman Chemical Co. has agreed to sell its polyethylene terephthalate (PET) business and related assets of its performance polymers unit to DAK Americas LLC for about US$600 million in cash.


Since April, Eastman has sold off parts of it, and has been considering strategic alternatives, including a possible sale of the rest of the unit on which the company has been losing money over the past several years.


DAK Americas will acquire 3 plants in South Carolina, with a capacity to produce 1.275 million tpa of PET and PTA combined, as well as intellectual property of Eastman"s proprietary "Integrex" technology.


The transaction is expected to close in Q4-2010, subject to regulatory approvals. Eastman expects to book a "modest" gain from the sale, adding the deal is also unlikely to impact on product lines in the company"s specialty plastics segment.


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Eastman Chemical to sell PET business and related assets for US$600 mln

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