US Eastman open to selling PET technology and plants - CEO

02 June 2010 18:24  [Source: ICIS news]

Eastman mulls PET saleHOUSTON (ICIS news)--US producer Eastman Chemical is open to selling its polyethylene terephthalate (PET) technology with its associated plants and assets, the company's chief executive said on Wednesday.

Earlier in the year, Eastman said it may sell its PET business among several options it would consider during a review of the segment.

So far, Eastman had yet to succeed in licensing the segment's IntegRex technology, said Eastman CEO Jim Rogers.

Rogers made his comments during the Goldman Sachs Basic Materials Conference.

Rogers said Eastman's PET business was profitable.

"We think it's the best asset in North America. If PET is strategic for a player, they will want to own these assets."

However, Eastman did have problems running its South Carolina PET plant at full capacity, Rogers said.

Those earlier problems prevented Eastman from selling the plant's PET to high-value customers, Rogers said.

"When you have plant disruptions, customers remember that," he said. "We had to demonstrate that the plant would run well and run full."

Eastman produces coatings, adhesives, specialty polymers and inks.

For more on Eastman visit ICIS company intelligence
For more on PET visit ICIS chemical intelligence
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