Eastman Chemical Company (NYSE:EMN) today announced it has completed the sale of its European PET and PTA assets to Indorama. Included in the sale are Eastman’s PET facility and related businesses in the United Kingdom and its PET and PTA facilities and related businesses in the Netherlands. The total cash proceeds of the transaction are €224 million or approximately US $354 million, subject to adjustments in working capital. The transaction will result in a gain on sale in the Company's consolidated financial statements for first quarter.
This transaction completes Eastman’s divestitures of its non-strategic PET and PTA assets located outside the U.S., said Gregory O. Nelson, Eastman executive vice president and polymers business group head.
Eastman announced in December 2007 that it had entered into an agreement for the sale, subject to customary approvals.