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Solvay Ends JV with Eastman, Takes Ownership of its Cellulose Acetate Plant

Published on 2016-05-19. Author : SpecialChem

Brussels -- Solvay and Eastman Chemical Company have signed a definitive agreement to end their cellulose acetate production joint venture Primester with Solvay acquiring Eastman’s 50 percent stake in the U.S.-based plant and becoming its sole owner.

Fig. 1: Solvay Ends JV with Eastman, Takes
Ownership of its Cellulose Acetate Plant

“After our partnership of 25 years, this agreement allows Solvay to continue securing the most economical long term supply of cellulose acetate flake for its own tow business in Germany, Brazil and Russia, while adapting capacity to demand," said Philippe Rosier, President of Solvay Global Business Unit Acetow.

Following the transaction, Eastman will provide the long-term supply of basic utilities and raw materials to the plant, based in Kingsport, Tennessee.

Closing should occur in the second quarter of 2016, subject to customary regulatory approvals.

About Eastman

Eastman is one of the global specialty chemical companies that produce a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and positions in attractive end-markets such as transportation, building and construction and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As one of the globally diverse companies, Eastman serves customers in approximately 100 countries and had 2015 revenues of approximately $9.6 billion.

About Solvay

An international chemical and advanced materials company, Solvay assists its customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO2 emissions, optimize the use of resources and improve the quality of life. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications. Solvay is headquartered in Brussels with about 30,900 employees spread across 53 countries. It generated pro forma net sales of € 12.4 bn in 2015, with 90% made from activities where it ranks among the world’s top 3 players.

Source: Solvay
 

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