Eastman Chemical to acquire Sterling Chemicals for $100m

22 June 2011 15:36  [Source: ICIS news]

HOUSTON (ICIS)--Eastman Chemical has agreed to acquire US petrochemicals producer Sterling Chemicals for about $100m (€69m), the US chemicals major said on Wednesday.

The deal includes Sterling Chemicals' production assets in Texas City, Texas.

Eastman plans to modify and restart Sterling’s idled plasticiser plant to produce non-phthalate plasticisers in order to strengthen its position in that growing market, it said.

The acquisition also includes Sterling’s acetic acid plant, also in Texas City, and its supply to BP Amoco Chemical under a long-term production agreement, Eastman also said.

($1 = €0.69)

For more on Eastman Chemical, visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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