US Eastman’s new China acetate tow JV plant now operating: CEO

25 October 2013 16:30  [Source: ICIS news]

HOUSTON (ICIS)--Eastman Chemicals’ new acetate tow joint-venture plant in China has begun operations and is now in the process of qualifying material, the CEO of the US-based chemicals major said on Friday.

Eastman, for its part, already recognised “a small amount” of revenues and earnings from the joint venture with China National Tobacco in the third quarter, CEO Jim Rogers told analysts in an update during the company's third-quarter earnings call.

Eastman broke ground on the 30,000 tonne/year plant in 2011.

Acetate tow, which is used in cigarette filters, is part of Eastman’s fibres segment.

That segment reported a 15.3% year-on-year increase in third-quarter operating earnings to $113m (€81m), mainly because of higher selling prices.

($1 = €0.72)

By: Stefan Baumgarten
+1 713 525 2653

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