Global Processing

Eastman Chemical Sells European Plants

January 8, 2008
The Associated Press reported recently that coating, plastics and chemical maker Eastman Chemical Co. agreed to sell two European plants to Indonesia''s Indorama Group for about $330 million.

The deal is expected to close in the first quarter of 2008. 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.