Eastman Chemical Company (NYSE:EMN) today announced it has completed the sale of its polyethylene business to Westlake Chemical Corporation. The sale includes Eastman's polyethylene and Epolene polymer businesses, related assets and the company's ethylene pipeline. The sale is for a purchase price of $255 million, subject to working capital adjustments.
Included in the sale are three polyethylene manufacturing units, an Epolene facility, all of which are located at Eastman's Texas Operations in Longview, and an ethylene pipeline between Mont Belvieu, Texas, and the Longview plant site.
Eastman manufactures and markets chemicals, fibers, and plastics worldwide. 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. Founded in 1920 and headquartered in Kingsport, Tenn., Eastman is a FORTUNE 500 company with 2005 sales of $7 billion and approximately 12,000 employees.
Source: Business Wire
