Staying Out of the Phisher-man's Net. Are you protected?

2007-02-27 News Release

Web www.jobwerx.com jobwerx.tradepub.com

Search Jobwerx The Engineering Web

Chemicals group PET polymers unit sold

Eastman PET polymers manufacturing assets in Spain and the related polyester resins business has been sold to a Spanish chemicals producer and distribution group.

Eastman Chemical Company, Kingsport, Tenn., USA, marketer of chemicals, fibers and plastics worldwide, and the world’s largest producer of PET polymers for packaging, announces it has entered into an agreement for the sale of Eastman Chemical Iberia, S.A., located in San Roque, Spain, to La Seda de Barcelona, S.A. The sale includes Eastman's PET polymers manufacturing assets in Spain and the related polyester resins business. The sale is subject to competition authority approvals in Spain. Terms of the transaction, which is expected to close during second quarter 2007, were not disclosed.

Find Information and Suppliers of PET polymers.

La Seda, located in Barcelona, Spain, principal activities are the production and distribution of artificial and synthetic fabrics and yarn such as polyester, polythene and viscose. It is also involved in pharmaceutical fields such as the production of oxyacetylene and its derivatives. The Spanish, Italian, German and French markets are some of its main target markets, but it is also present in the markets of the Maghreb, Turkey and South America.

"We announced at our November 2006 Investor Day that we would be taking strategic actions to address our non-integrated PET polymers assets outside the United States," said Gregory O. Nelson, Eastman executive vice president and polymers business group head. "This agreement is a major step forward as we implement our strategy to improve the overall financial performance of our PET polymers business."

The sale of the San Roque site could change the previously reported decision to permanently shut down the site. It does not impact Eastman's previously announced decision to shut down its CHDM manufacturing assets at the site. The company still expects to record asset impairments and restructuring charges related to the San Roque site in first quarter of 2007.

Find information about Eastman Chemical Company.

Read a recent press release about - Sound operating cash flow for AMCOR with plans to divest PET Packaging and restructure the Flexibles operations in Europe.

Chemical Engineering Jobs - Post Employment Opportunity!

E-mail this page to a friend

- Ticona Polymers new investments in Asia

- Certification, Training and Courses from The American Management Association

- Small Quantity Specailist - Plastics, Metals, Tool Steel and ...

- Looking for a Study Program?

- All this Months News

- Changing Jobs? View a Wide Range of Real Estate Nationwide

- Golf Equipment Manufacturer -Buy Direct and Save!

Copyright - Unless otherwise stated all contents of this web site are © 1998/2007 JOBWERX.COM. – All Rights Reserved. For permission to reproduce any contents of this web site, please advise our Syndication department: Log onto HELP