LSB offers €180m for Eastman's Europe PET, PTA

18 September 2007 16:11  [Source: ICIS news]

LONDON (ICIS news)--La Seda de Barcelona (LSB) has made an offer of €180m ($250m) to acquire Eastman Chemical Co’s European polyethylene terephthalate (PET) and purified terephthalic acid (PTA) activities, said a source from the company on Tuesday.

 

If the bid was accepted, LSB would take over operations of Eastman’s 180,000 tonne/year PET plant and 290,000 tonne/year PTA plant in Rotterdam, the Netherlands, as well as a 145,000 tonne/year PET plant at Workington in the UK.

 

Earlier this year, LSB acquired Eastman’s PET plant in San Roque near Cadiz in Spain, for €40.5m.

 

The company said it expected an annual turnover of €3bn when its current corporate operations, including the Eastman acquisition, are completed.

 

LSB was also negotiating a deal to widen its syndicated credit with Deutsche Bank from €470m to about €600m.

 

Eastman would not comment on LSB's announcement. 

 

($1 = €0.72)

 

By: Mark Watts
+44 20 8652 3214

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