Chemicals manufacturer sells PET, PTA assets in Europe

2008-04-01 Manufacturing News

Web	www.jobwerx.com
jobwerx.tradepub.com

Eastman, manufacturer and marketer of chemicals, fibers and plastics, has sold its European PET and PTA assets to Indorama.

Eastman Chemical Company (NYSE:EMN) today announced it has completed the sale of its European PET and PTA (purified terephthalic acid) assets to Indorama. Included in the sale are Eastman’s PET facility and related businesses in the United Kingdom and its PET and PTA facilities and related businesses in the Netherlands. The total cash proceeds of the transaction are €224 million or approximately US $354 million, subject to adjustments in working capital. The transaction will result in a gain on sale in the Company's consolidated financial statements for first quarter.

"This transaction completes Eastman’s divestitures of its non-strategic PET and PTA assets located outside the U.S.,” said Gregory O. Nelson, Eastman executive vice president and polymers business group head.

Eastman announced in December 2007 that it had entered into an agreement for the sale, subject to customary approvals.

About Eastman Chemical Company
Eastman manufactures and markets chemicals, fibers and plastics worldwide. It provides key differentiated coatings, adhesives and specialty plastics products; is a major supplier of cellulose acetate fibers; and produces PET polymers for packaging.

If you're an employer looking to fill a job opening, click here to find out about posting your job listing through Jobwerx.com.

Discover the best discounts on industrial products from Global Equipment. All featured items contain great instant rebates.

Read a recent article about -
. Chemicals Business Area of Evonik and Sibur Review New Plant Options
A JV feasibility study is underway regarding the construction of a chemicals plant for propylene oxide and hydrogen peroxide in the Russian Federation.

American Management Online Certification Programs

Certificates In General Management - 'Leadership'
First Level Leadership: Supervising in the New Organization, Second Edition
CEU Credits: 2 (Choose 5 or 6 program courses for a total of 10 CEU's)
Course Objective - Learn how to plan and manage organizational change in a way that enhances adaptability and ensures continuous learning.
Get Started Today!

Find out how to protect your network from hackers, malware, and other malicious attacks with No.1 Ad-Aware!

Read the Top Headlines.

We will be happy to receive feedback and ideas for new articles! Click Here

E-mail this page to a friend

100's of More Titles

Special Topics

- Solvay Plastics Sector concentrates on specialty polymers

- Small Quantity Specailist - Order Online - Plastics, Metals, Aluminum, Stainless, Tool Steel and ...

- Industrial Packaging Supplies

- Save On Scissor Lifts

- Fork Lifts and Accessories

- Industrial Conveyers

- Your Direct Source for Material Handling Equipment

- On-Line Corporate Training Module for Stress Reduction and Cognitive Change Program

American Management Online Training & Development Courses

Developing Basic Job Skills
Course Objective Focuses on key performance areas basic work habits, organizational fit, verbal communication, written communication, and working effectively with others-to increase personal proficiency.
Sign Up for This Course Now!