Eastman Chemical sells European plants to Indorama for $330 million
January 7, 2008
Coating, plastics and chemical maker Eastman Chemical Co. has agreed to sell two European plants to Indonesia''s Indorama Group for about $330 million, the Associated Press reports. The deal is expected to close in the first quarter. The sale includes Eastman''s polyethylene terephthalate (PET) plant in the U.K. and a facility in the Netherlands that produces PET and purified terephthalic acid (PTA). PET is used in synthetic fibers and food and drink containers. PTA is used to make polyester coatings and resins. Eastman said the financial results for all its European PET facilities, including the previously announced sale of a Spanish plant, will be recorded as discontinued operations in the fourth quarter.