Eastman to Close Spanish PET Plant

Eastman Chemical says the permanent closure of its nonintegrated polyethylene terephthalate (PET) resins site at San Roque, Spain is because of “an untenable labor situation” (CW, Jan. 31, p. 6). Eastman announced last November that it was evaluating options for its nonintegrated PET manufacturing plants outside the U.S., including a sale, restructuring, or consolidation. The San Roque closure is expected to impact about $45 million worth of net assets associated with the site and could lead to noncash impairment charges in the first quarter, Eastman...

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