Eastman to Sell Interest in Primester Cellulose Acetate Joint Venture to Solvay
(Thomson Reuters ONE) -
KINGSPORT, Tenn., May. 19, 2016 - Eastman Chemical Company (NYSE:EMN) today
announced it has entered into a definitive agreement with Solvay to sell its
interest in the Kingsport, Tennessee, cellulose acetate flake joint venture
named Primester. Eastman and Solvay are currently equal partners in the joint
venture. The transaction allows Eastman to eliminate costs associated with the
excess cellulose acetate flake capacity of the joint venture.
"Last fall Eastman completed a small capital investment to increase flake
capacity at our Tennessee Eastman manufacturing site in Kingsport," said Scott
Ballard, vice president and general manager of Eastman's Fibers segment. "With
this expansion and last year's shut down of our Workington, UK acetate tow site,
it is no longer necessary for Eastman to support the fixed costs of Primester to
have sufficient cellulose acetate flake capacity to reliably supply all of our
tow capacity around the world, including the entirety of our Korea and China
joint ventures."
Eastman will continue to supply certain services, utilities and raw materials to
Primester for Solvay's operation of the former joint venture assets. The sale is
subject to satisfaction of customary closing conditions and is expected to close
in second quarter 2016. Terms of the sale were not disclosed.
Eastman is a global specialty chemical company that produces a broad range of
products found in items people use every day. With a portfolio of specialty
businesses, Eastman works with customers to deliver innovative products and
solutions while maintaining a commitment to safety and sustainability. Its
market-driven approaches take advantage of world-class technology platforms and
leading positions in attractive end-markets such as transportation, building and
construction and consumables. Eastman focuses on creating consistent, superior
value for all stakeholders. As a globally diverse company, Eastman serves
customers in approximately 100 countries and had 2015 revenues of approximately
$9.6 billion. The company is headquartered in Kingsport, Tennessee, USA and
employs approximately 15,000 people around the world. For more information,
visit www.eastman.com.
# # #
Contacts:
Media: Kristin Parker
423-229-2526 / kristin(at)eastman.com
Investors: Greg Riddle
212-835-1620 / griddle(at)eastman.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#2013803]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2016 - 07:31 Uhr
Sprache: Deutsch
News-ID 472189
Anzahl Zeichen: 3206
contact information:
Town:
Kingsport
Kategorie:
Business News
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