01 February 2011 14:05 [Source: ICIS news]
TORONTO (ICIS)--Eastman has completed the divestment of its US polyethylene terephthalate (PET) business to DAK Americas, the ?xml:namespace>
Eastman chief financial officer Curt Espeland said the deal closed on Monday, resulting in cash proceeds of about $600m (€438m), before transaction costs.
Eastman could use the proceeds for share buy-backs or smaller acquisitions, either in the US or in emerging markets, he told analysts during Eastman’s 2010 fourth-quarter results conference call.
CEO Jim Rogers added: "There's more [acquistion] opportunities below $500m than over $500m."
"We want to be really prudent ... looking for the right acquistion," he said.
The acquisition by DAK followed its purchase in 2007 of Eastman’s PET operations in
DAK, based in
($1 = €0.73)
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