Eastman completes sale of Latin America PET units

03 December 2007 14:44  [Source: ICIS news]

LONDON (ICIS news)--Eastman Chemical has completed the sale of its polyethylene terephthlate (PET) plants in Mexico and Argentina to Mexican industrial conglomerate Alfa, the chemicals producer said on Monday.

 

The plants, which include Eastman's 150,000 tonne/year facility in Cosoleacaque, Mexico, and its 185,000 tonne/year line in Zarate, Argentina, account for one-quarter of Eastman's present global PET capacity.

 

The value of the deal has been estimated at roughly $150m (€102m).

 

"This transaction is one more step forward as we implement our strategy to improve the overall financial performance of our PET polymers business," said Eastman executive vice president and polymers business group head Gregory Nelson.

 

($1 = €0.68)

By: Mark Watts
+44 20 8652 3214

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