Eastman Completes Sale of Texas City Operations to Ineos Acetyls

490 Million Dollar Deal Eastman Completes Sale of Texas City Operations to Ineos Acetyls

2023-12-04 Source: Press release Eastman Chemical Company 1 min Reading Time

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Eastman Chemical Company has sold its Texas City Operations to Ineos Acetyls for 490 million dollars but will retain ownership of its plasticizer business at the site. Eastman will also continue to manufacture acetyls at its Tennessee Operations in Kingsport.

Tennessee/USA – Eastman Chemical Company has recently announced that it has completed the previously reported sale of its Texas City Operations to Ineos Acetyls. Texas City Operations was previously part of Eastman’s Chemical Intermediates segment. Eastman has retained ownership of its plasticizer business at the site, which Ineos now operates for Eastman as part of this agreement. Eastman will also continue to manufacture acetyls at its Tennessee Operations in Kingsport.

The total sale price of 490 million dollars consists of approximately 415 million dollars cash at closing and the remainder in equal installments on the first and second anniversaries of the closing. The final purchase price is subject to working capital and other customary post-closing adjustments. Proceeds from the divestiture in the near term are expected to be used for debt repayment.

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