Eastman Announces Joint Venture with Sinopec Yangzi Petrochemical Company Limited to Build World Scale Hydrogenated Hydrocarbon Resin Plant
(Thomson Reuters ONE) -
KINGSPORT, Tenn., July 31, 2012 - Eastman Chemical Company (NYSE: EMN) today
announced a joint venture with Sinopec Yangzi Petrochemical Company Limited to
build a world scale hydrogenated hydrocarbon resin plant in Nanjing, China. The
venture will be equally owned by the two companies and the facility will produce
50,000 metric tons of Eastman's Adhesives and Plasticizers segment's
Regalite(TM) hydrocarbon resins upon completion. The facility is expected be
operational by the end of 2014 and will increase Eastman's total capacity for
hydrogenated resins by 50 percent, making Eastman the largest global supplier of
hydrogenated hydrocarbon resins.
"Eastman is committed to growing our hydrogenated resins product line and this
joint venture positions us to serve the fast expanding market in Asia," said Ron
Lindsay, executive vice president. "This new facility reinforces our dedication
to growing with our customers and to meeting demand in China and all of Asia."
"Eastman and Sinopec Yangzi Petrochemical Company Limited have a strong existing
resin production relationship," said Michael Chung, senior vice president of
international ventures. "This venture is mutually beneficial and globalizes our
Regalite(TM) product line."
Eastman and Sinopec Yangzi Petrochemical Company (YPC) have an existing joint
venture for the manufacture of Eastman Eastotac(TM) resins in Nanjing, China.
The manufacturing site will be expanded for the new facility. The joint venture
leverages the proximity of YPC's integrated petroleum complex with Eastman's
technology and market positions.
Regalite(TM) hydrogenated hydrocarbon resins have been produced since 1985, and
are used extensively in a wide variety of hot melt adhesives, polymer compounds
and plastic modifications. Thanks to their versatility and broad compatibility,
Regalite(TM) hydrogenated hydrocarbon resins can be formulated with a wide range
of polymers, and offer excellent color, stability and adhesion in markets such
as packaging and personal hygiene, including disposable diapers.
Eastman is a global specialty chemicals company that produces a broad
range of advanced materials, additives and functional products, specialty
chemicals, and fibers that are found in products people use every day. As a
world leader in the diverse markets it serves, Eastman is focused on delivering
innovative and technology-based solutions while maintaining its commitment to
safety and sustainability. Serving customers in approximately 100 countries,
Eastman had 2011 pro forma revenues, giving effect to the Solutia acquisition,
of approximately $9.3 billion. The company is based in Kingsport, Tennessee,
USA, and, with the completion of the Solutia acquisition, now employs
approximately 13,500 people around the world. For more information, visit
www.eastman.com
Contacts:
Media: Maranda Demuth
423-229-6135 / mdemuth(at)eastman.com
Investors: Greg Riddle
212-835-1620 / griddle(at)eastman.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eastman Chemical Company via Thomson Reuters ONE
[HUG#1630769]
Unternehmensinformation / Kurzprofil:
Datum: 31.07.2012 - 15:03 Uhr
Sprache: Deutsch
News-ID 170756
Anzahl Zeichen: 3870
contact information:
Town:
Kingsport
Kategorie:
Business News
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"Eastman Announces Joint Venture with Sinopec Yangzi Petrochemical Company Limited to Build World Scale Hydrogenated Hydrocarbon Resin Plant"
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