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Indorama Buys Eastman’s PET and PTA Plants in Europe

9:40 AM MST | December 21, 2007 | Michelle Bryner

 Indorama has entered into a definitive agreement to buy Eastman Chemical's polyethylene terephthalate (PET) and purified terephthalic acid (PTA) assets in the U.K. and related businesses in the Netherlands. Indorama acquired “exclusive rights” to the assets earlier this month. Eastman says it anticipates cash proceeds from the deal to be €226 million ($330 million), which is “better than anticipated,” says Kevin McCarthy, analyst at Bank of America Securities (New York). The deal is expected to close during the first quarter...

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