Eastman Chemical Co. announced Tuesday that it will sell Eastman Chemical Iberia, S.A., to La Seda de Barcelona. The sale will include Eastman’s PET polymers manufacturing assets in Spain and related polyester resins business.
Financial terms were not disclosed, but the deal is expected to be completed in the second quarter 2007.
“This agreement is a major step forward as we implement our strategy to improve the overall financial performance of our PET polymers business.” said Gregory O. Nelson, executive vice president for Eastman and head of the polymers business group.
Based in Barcelona, Spain, La Seda focuses on the production and distribution of artificial and synthetic fabrics and yarn, including polyester, polythene and viscose. It also produces oxyacetylene and its derivatives for the pharmaceutical market.