Indorama Acquires Rights to Eastman’s European Assets

Indorama says it has obtained exclusive rights to acquire Eastman Chemical’s European polyethylene terephthalate (PET) assets. The acquisition would include Eastman’s assets at Rotterdam, Holland and Workington, U.K with a combined capacity of 340,000 tons/year of PTA and 350,000 tons/year of PET. The deal represents the last of Eastman’s PET assets outside the U.S., which account for about 1.9% of global supply, says Kevin McCarthy, analyst at Bank of America (New York). Eastman says it is selling its PET assets outside the U.S. in an...

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