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Eastman pulls out of PET.

Eastman has finally found a way out of PET production on which it has been losing money since 2005. It is to sell its remaining PET plant at its Columbia site in South Carolina, USA, to DAK Americas, a division of Alpek, the petrochemicals and synthetic fibres business of one of Mexico's largest corporations, [TEXT INCOMPLETE IN ORIGINAL SOURCE.]

The sale, for around $600 million, includes two PET plants and a PTA plant on the site, together with related assets and technology from Eastman's Performance Polymers business. The copolyester businesses in Eastman's Specialty Plastics segment, which also have a presence at Columbia, are not [TEXT INCOMPLETE IN ORIGINAL SOURCE.]

Eastman has been steadily disposing of its PET polymer operations for some years, and at the end of 2007 it sold its British plant at Workington, its last nonintegrated PET plant outside the USA.

The sale to DAK is expected to close by the end of the year.
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Title Annotation:materials marketplace
Publication:British Plastics & Rubber
Date:Dec 1, 2010
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