Eastman completes sale of PE business to Westlake Chemical Corp

04-Dec-06

Eastman Chemical Company has completed the sale of its polyethylene business and Epolene polymer businesses, related assets and their ethylene pipeline to Westlake Chemical Corporation, Houston. Eastman, FORTUNE 500 company, manufactures and markets chemicals, fibers and plastics globally. It provides key differentiated coatings, adhesives and specialty plastics products; is the world's largest producer of PET polymers for packaging; and is a major supplier of cellulose acetate fibers. The sale is for a purchase price of US$255 million, subject to working capital adjustments, and ncludes: * 3 polyethylene manufacturing units and an Epolene facility, all located at Eastman's Texas Operations in Longview * An ethylene pipeline between Mont Belvieu, Texas, and the Longview plant site.