Eastman Completes Sale of Performance Polymers PET Business
KINGSPORT, Tenn., Feb. 1, 2011 – Eastman Chemical Company (NYSE:EMN) announced that it has completed the previously announced sale of its Performance Polymers segment’s PET business, related assets, and technology to DAK Americas, LLC. The total cash proceeds of the transaction were $600 million, subject to post-closing adjustment for working capital. The company will recognize a modest gain from the sale in first quarter 2011.
The divestiture, which includes the company’s Performance Polymers segment assets at its Columbia, South Carolina site, will not impact product lines in the company’s Specialty Plastics segment.