Eastman Chemical is to sell its polyethylene terephthalate (PET) facility and related businesses in the UK, and its PET and purified terephalthalate acid (PTA) facilities and related businesses in the Netherlands, to the multinational petrochemicals group Indorama.
The total cash proceeds of the transaction are expected to be €226m, or approximately $330m. The transaction is expected to close during the first quarter of 2008 and will result in a gain on sale being reflected in the company’s consolidated financial statements.
The sale, which is subject to customary conditions and competition authority approval, includes Eastman’s PET manufacturing facility in Workington in the UK, and its PET and PTA manufacturing facilities in Rotterdam in the Netherlands. Eastman’s acetate tow production at the Workington site is not included in the sale.
Financial results for all the European PET facilities, including both Rotterdam, the Netherlands, and Workington, UK, as well as for the San Roque, Spain, site, which was divested in April 2007, were reported as discontinued operations in the fourth quarter 2007.
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