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2006-10-11 News Release
Eastman agrees to sell polyethylene business to Westlake Eastman Chemical Company announces it has entered into a definitive agreement with Westlake Chemical Corporation for the sale of its polyethylene business.
The sale will include Eastman's polyethylene and Epolene polymer businesses, related assets and the company's ethylene pipeline. The sale is for a purchase price of $255 million in cash at closing. Closing is expected in the fourth quarter of 2006, subject to regulatory
approval and customary conditions. The businesses and assets to be divested
in this transaction generated approximately $680 million in revenue during
2005. Included in the sale are three polyethylene manufacturing plants, an Epolene facility—all located at Eastman's Texas Operations in Longview—and an ethylene pipeline between Mont Belvieu, Texas, and the Texas Operations site. About 400 Eastman employees are associated with the polyethylene and Epolene businesses. Results from the polyethylene product lines are reported in the company's performance polymers segment, while results from the Epolene product lines are reported in the company's coatings, adhesives, specialty polymers and inks (CASPI) segment. About 255 employees will remain with Eastman and continue producing polyethylene
for Westlake Chemical Corporation "We are pleased to be working with a strong strategic player such as Westlake on this transaction," Ferguson said. "Westlake brings a history of success in the industry, and we look forward to further developing relationships with them as they become a part of the operating site and community in Longview." Thomas J. Stevens, Eastman vice president and general manager of the
performance polymers business, said customers can expect a smooth transition
of business. "Eastman plans to continue doing business as we have
until the sale is complete. We have long and valued relationships with
our polyethylene customers, and we are committed to working closely with
Westlake to ensure a smooth transition of these relationships."
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