09 August 2011 20:19 [Source: ICIS news]
HOUSTON (ICIS)--Eastman Chemical said on Tuesday that it has completed the purchase of Sterling Chemical for $100m (€70m).
When the deal was announced in June, US-based Eastman said the main attraction to Sterling was the company’s plasticiser facility at its Texas City, Texas, plant.
Eastman CEO Jim Rogers said in late July that Sterling’s acetic acid business generated annual revenues of $100m, which is the price Eastman is paying for the company.
In addition to the plasticiser facility, Eastman is also acquiring Sterling’s 1.3bn lb/year (590,000 tonnes/year) acetic acid plant at Texas City, along with a long-term agreement to supply BP Amoco Chemical with acetic acid until 2031.
($1 = €0.70)
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