MOSCOW (MRC) -- Solvay has completed the purchase of Eastman Chemical Company's share in their former US joint venture Primester, as per EuroInvestor.
As the sole owner of the cellulose acetate flake plant, Solvay has secured the most economical long term supply for its own tow businesses while adapting capacity to demand.
Eastman will provide the long-term supply of basic utilities and raw materials to the Kingsport, Tennessee-based plant.
As MRC wrote previously, in the second half of May 2016, Solvay and Eastman Chemical Company signed a definitive agreement to end their cellulose acetate production joint venture Primester with Solvay acquiring Eastman’s 50% stake in the US-based plant and becoming its sole owner.
Besides, in early May 2016, Solvay signed a definitive agreement with Brazilian chemical group Unipar Carbocloro to sell its 70.59% stake in Solvay Indupa.
"Solvay’s divestment of Indupa follows our announced early exit of our European PVC joint venture as Solvay is transforming into a specialty chemicals group," said then Vincent De Cuyper, member of Solvay’s Executive Committee. "In acquiring Solvay Indupa, Unipar will strengthen its strategic position in the caustic soda and chlorine value chain extending its chemical footprint in PVC and allowing for the further development of Indupa."
Solvay S.A. is a Belgian chemical company founded in 1863, with its head office in Neder-Over-Heembeek, Brussels, Belgium. The company has diversified into two major sectors of activity: chemicals and plastics. Solvay supplies over 1500 products across 35 brands of high-performance polymers - fluoropolymers, fluoroelastomers, fluorinated fluids, semi-aromatic polyamides, sulfone polymers, aromatic ultra polymers, high-barrier polymers and cross-linked high-performance compounds.
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