Eastman Negotiating Sale of Adhesives Business.KINGSPORT, Tenn.--(BUSINESS WIRE)--Jan. 31, 1996--Eastman Chemical Company has signed a letter of intent to sell its adhesives business, based in Charlotte, N.C., to H.B. Fuller Company. Eastman's adhesives revenues in 1995 were over $30 million, with primary manufacturing at its Texas Eastman Division, Longview. Eastman's decision to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. will allow the company to focus our strategy and resources on supplying raw materials to the adhesives industry, said Jim Giggey, senior vice president, technology management. The sale will include formulations, customer lists, technology and inventory, but will not include any assets at Texas Eastman Division. The companies will sign long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. agreements for Eastman to toll manufacture adhesives for H.B. Fuller. Although terms were not disclosed, the sale, which is subject to due-diligence investigation and signing of definitive agreements, is expected to be completed during the first quarter of 1996. Headquartered in Kingsport, Eastman Chemical Company Eastman Chemical Company is a United States based chemical company, engaged in the manufacture and sale of chemicals, plastics and fibers. Eastman has 16 manufacturing sites in 10 countries, supplying its products throughout the world. manufactures chemicals, fibers and plastics. The company had sales of more than $5 billion in 1995 and employs about 17,500 worldwide. H.B. Fuller Company, headquartered in St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn., is a leading manufacturer of industrial adhesives, coatings and paints. CONTACT: Eastman Chemical Company, Kingsport Patricia C. Sutton Sutton, outer borough (1991 pop. 164,300) of Greater London, SE England. It is mainly residential, but plastics, chemicals, radio components, and paper goods are produced. The areas of Sutton were mentioned in the Domesday Book. , 423/229-6573 |
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