DAK Nears Purchase of Eastman Plant in S.C.
January 13, 2011
DAK Americas LLC says it has moved closer in its $600 million purchase of the Eastman Chemical Company operation that makes the plastic commonly used in soda bottles.
DAK said Tuesday the waiting period required under federal antitrust law has expired without a request for additional information from the U.S. Federal Trade Commission.
Calhoun County Councilman David Summers said he understands there will not be any significant changes at Carolina Eastman's Sandy Run plant as a result of the transition.
"As far as I understand, DAK would keep all the employees and everything," Summers said. "From what I understand, the employees are very pleased with what will take place."
The transaction, which includes Eastman's polyethylene terephthalate operations in Sandy Run, is expected to close by the end of January. Eastman has about 415 employees at its Calhoun County facility.
Polyethylene terephthalate, which is also know as PET, is used in plastic beverage, food, cosmetic and other packaging.
The Sandy Run plant is one of the largest manufacturers of PET polymer in the United States. The site will be integrated into DAK America's PET and PTA business units which also have operations in the U.S in Charleston; Wilmington, N.C., and Fayetteville, N.C.
Carolina Eastman is Calhoun County's largest taxpayer. For 2009, the company paid almost $4 million in property taxes.
Calhoun County Development Commission Executive Director Pat Black declined comment on the sale until the transaction is complete.
"Calhoun County is supporting both parties in any way possible or requested to assist in the completion of the transaction in a timely basis, hopefully by the end of this month," Black said. "We will know more as this process takes place and is completed."
Source: The Times and Democrat, Orangeburg, SC
Engineering News Archive