Eastman completes sale of Arkansas operations
Business Wire reports that Eastman Chemical Company has completed the sale of its wholly owned subsidiary, Eastman SE, Inc., to FutureFuel Corp. Included in the sale are Eastman''s Batesville, Ark., manufacturing facility and its related assets and product lines that had been a part of the company''s performance chemicals and intermediates segment. The facility, which has approximately 400 employees, manufactures specialty organic chemicals products and has a growing presence in the biodiesel market. The sale is for a purchase price of $75 million plus an earn-out based on biodiesel sales over the next three years. In July 2006, Eastman announced plans to sell the site because the growth opportunities for the site did not fit with the company''s focus of driving growth in its core businesses.