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Eastman to Sell Texas City Operations to INEOS Acetyls
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Eastman to maintain ownership of plasticizer business and operations Divestitures KINGSPORT, Tennessee Eastman Chemical Company (NYSE:EMN) announced it has entered into a definitive agreement to sell its Texas City Operations, located in Texas City, Texas, to INEOS Acetyls, a global manufacturer and supplier of acetic acid and related chemicals owned by the INEOS Group. Texas City Operations is currently part of Eastman’s Chemical Intermediates segment. Eastman will retain ownership of its plasticizer business at the site, which INEOS will operate for Eastman as part of this agreement. Eastman and INEOS have also entered into a Memorandum of Understanding to explore options for a long-term agreement for supplying vinyl acetate monomer (“VAM”) to Eastman. The total sale price of $490 million consists of approximately $415 million cash at closing an...
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