Eastman Chemical Sells Spanish Polymers Business

Eastman Chemical announced Wednesday it has completed the sale of Eastman Chemical Iberia, S.A., located in San Roque, Spain, to La Seda de Barcelona.

May 2nd, 2007

Andrea Lyn Van Benschoten, Web Editor

KINGSPORT, Tenn. – Eastman Chemical Co. announced Wednesday it has completed the sale of Eastman Chemical Iberia, S.A., located in San Roque, Spain, to La Seda de Barcelona. The sale includes Eastman's PET polymers manufacturing assets in Spain and the related polyester resins business.

The company announced in February that it had entered into an agreement for the sale, subject to competition authority approvals in Spain.

"This transaction 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, Eastman executive vice president and polymers business group head. "It represents our commitment to take the strategic actions necessary to improve our PET polymers financial performance."

Eastman manufactures and markets chemicals, fibers and plastics worldwide.

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