Mexico''s Alfa Buying Three Eastman Chemical Plants
October 25, 2010
Reuters reports, Mexican conglomerate Alfa is buying three plants from Eastman Chemical Co for $600 million, boosting its presence in the U.S. plastics market. One of the Eastman plants being acquired by Alfa produces PTA, a chemical used in the production of plastics. The other two make PET, a polymer used in beverage, food and other liquid containers. The plants are located in South Carolina and have an annual production capacity of 1.275 million tons. Alfa estimated the facilities had sales of close to $405 million during the first half of the year. Alfa''s DAK Americas unit is expected to close on the transaction before year-end.