Eastman seals €226m PET, PTA sale to Indorama

21 December 2007 14:06  [Source: ICIS news]

TORONTO (ICIS news)--Eastman Chemical has reached definite agreements with Thailand-based Indorama on the €226m ($323m) sale of its purified terephthalic acid (PTA) and polyethylene terephthalate (PET) assets in the UK and Netherlands, the US producer said on Friday.

 

The sale included Eastman's PET manufacturing facility in Workington, UK, and its PET and PTA manufacturing facilities in Rotterdam, the Netherlands.

 

Eastman's acetate tow production at the Workington site was not included in the sale, the company said.

 

"This transaction will complete the plan we announced one year ago to address our non-strategic PET assets outside the US," said Gregory Nelson, Eastman executive vice-president and polymers business group head.

 

"This is an important step in our broader strategy to improve the overall performance of our PET polymers business."

 

Eastman expected to close the sale in the first quarter of 2008, it said.

 

Eastman this year also sold its PET production site in Spain to La Seda de Barcelona and its PET plants in Mexico and Argentina to Mexico's industrial conglomerate Alfa.

 

($1 = €0.70)

 

By: Stefan Baumgarten
+1 713 525 2653

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