DAK Americas expects deal for Eastman US PET to close in January

11 January 2011 17:29  [Source: ICIS news]

TORONTO (ICIS)--DAK Americas is proceeding with its planned acquisition of Eastman Chemical’s integrated US polyethylene terephthalate (PET) and purified terephthalic acid (PTA) business and expects to close the deal by the end of the month, it said on Tuesday.

DAK Americas also said a waiting period under US competition law - the Hart-Scott-Rodino Antitrust Improvements Act of 1976 – had expired without regulators requiring additional information from the companies.

Eastman and DAK announced in October that DAK would acquire the business for $600m (€462m).

The acquisition included three production facilities in Columbia , South Carolina, with combined PET and PTA capacities of 657,000 tonnes/year and 600,000 tonnes/year, respectively, DAK said.

Also included were intellectual property rights to Eastman’s IntegRex PET and PTA technologies.

DAK would integrate Eastman’s Columbia site with its PET and PTA business units in Charleston, South Carolina, as well as its sites in Wilmington and Fayetteville in North Carolina, it said.

The acquisition followed DAK’s purchase in 2007 of Eastman’s PET operations in Cosoleacaque,Mexico and Zarate, Argentina, it added.

DAK, based in Charlotte, North Carolina, is wholly owned by Mexico’s Alfa.

($1 = €0.77)

For more on Eastman Chemical, DAK and other producers visit ICIS company intelligence
For more on PET and PTA visit ICIS chemical intelligence
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By: Stefan Baumgarten
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