Eastman Completes Sale of Performance Polymers PET Business

Eastman Chemical Company (NYSE:EMN) announced that it has completed the previously announced sale of its Performance Polymers segment's PET business, related assets, and technology to DAK Americas, LLC.

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The total cash proceeds of the transaction were $600 million, subject to post-closing adjustment for working capital. The company will recognize a modest gain from the sale in first quarter 2011.

The divestiture, which includes the company's Performance Polymers segment assets at its Columbia, South Carolina site, will not impact product lines in the company's Specialty Plastics segment.

Eastman's chemicals, fibers and plastics are used as key ingredients in products that people use every day. Approximately 10,000 Eastman employees around the world blend technical expertise and innovation to deliver practical solutions. The company is committed to finding sustainable business opportunities within the diverse markets and geographies it serves. A global company headquartered in Kingsport, Tenn., USA, Eastman had 2010 sales of $5.8 billion.
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