Eastman Completes Sale of Texas City Operations
01 Diciembre 2023 - 7:30AM
Business Wire
Eastman Chemical Company (NYSE:EMN) announced that it has
completed the previously reported sale of its Texas City Operations
to INEOS Acetyls. Texas City Operations was previously part of
Eastman’s Chemical Intermediates segment. Eastman has retained
ownership of its plasticizer business at the site, which INEOS now
operates for Eastman as part of this agreement. Eastman will also
continue to manufacture acetyls at its Tennessee Operations in
Kingsport.
The total sale price of $490 million consists of approximately
$415 million cash at closing and the remainder in equal
installments on the first and second anniversaries of the closing.
The final purchase price is subject to working capital and other
customary post-closing adjustments. Proceeds from the divestiture
in the near term are expected to be used for debt repayment.
About Eastman
Founded in 1920, Eastman is a global specialty materials company
that produces a broad range of products found in items people use
every day. With the purpose of enhancing the quality of life in a
material way, Eastman works with customers to deliver innovative
products and solutions while maintaining a commitment to safety and
sustainability. The company’s innovation-driven growth model takes
advantage of world-class technology platforms, deep customer
engagement, and differentiated application development to grow its
leading positions in attractive end markets such as transportation,
building and construction, and consumables. As a globally inclusive
and diverse company, Eastman employs approximately 14,500 people
around the world and serves customers in more than 100 countries.
The company had 2022 revenue of approximately $10.6 billion and is
headquartered in Kingsport, Tennessee, USA. For more information,
visit www.eastman.com.
About INEOS Acetyls
INEOS Acetyls is a global producer of acetic acid and a range of
derivatives. It is the largest producer of acetic acid, acetic
anhydride, and ethyl acetate in Europe. In the U.S., the INEOS
Acetyls business has been a leading supplier of acetic acid and
acetic anhydride to North and South America for more than 45 years.
Across Asia, the business provides acetic acid and commercial
services across the region. It is one of the largest acetic acid
suppliers in Asia, with a strong reputation in the industry for
following world-class standards of production.
About INEOS
INEOS is a global petrochemicals manufacturer, comprising 36
individual businesses. The company operates 194 facilities in 29
countries throughout the world, employing 26,000 people. INEOS
makes the raw materials and energy used for everyday life. Its
products make an indispensable contribution to society and are
essential in applications ranging from the preservation of food to
the provision of clean water; from construction of wind turbines,
solar panels, and other renewable technologies to the construction
of lighter and more fuel-efficient vehicles and aircraft; from
medical devices and pharmaceuticals to clothing and apparel. In
recent years, INEOS has diversified with the launch of INEOS
Automotive and INEOS Hygienics, the acquisition of iconic British
brand Belstaff, and an ever-expanding sports portfolio. As part of
its greenhouse gas emission reduction strategy, INEOS businesses
have put in place plans and actions needed to ensure that they lead
the transition to a net zero economy by no later than 2050, whilst
remaining profitable.
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version on businesswire.com: https://www.businesswire.com/news/home/20231201259854/en/
Media: Tracy Kilgore Addington 423-224-0498 / tracy@eastman.com
Investors: Greg Riddle 212-835-1620 / griddle@eastman.com
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