Eastman Sells Latin American PET Polymers Production Facilities to ALFA
Monday December 3, 8:00 am ET
KINGSPORT, Tenn.--(BUSINESS WIRE)--Eastman Chemical Company today announced it has completed the sale of its PET polymers business related to its manufacturing sites in Cosoleacaque, Mexico and Zarate, Argentina, to ALFA, S.A.B. de C.V. (ALFA), a Mexican industrial company. Terms of the sale were not disclosed.
"This transaction is one more 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.
Eastman previously announced that it had entered into an agreement for the sale, subject to customary approvals.
Eastman manufactures and markets chemicals, fibers and plastics worldwide. It provides key differentiated coatings, adhesives and specialty plastics products; is one of the world’s largest producers of PET polymers for packaging; and is a major supplier of cellulose acetate fibers. As a Responsible Care® company, Eastman is committed to achieving the highest standards of health, safety, environmental and security performance. Founded in 1920 and headquartered in Kingsport, Tenn., Eastman is a FORTUNE 500 company with 2006 sales of $7.5 billion and approximately 11,000 employees.
Source: Eastman Chemical Company
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