Eastman to acquire Sterling Chemicals and restart plasticizer plant
Global chemicals company Eastman Chemical Co has entered into a definitive merger agreement to acquire Sterling Chemicals, Inc, a single-site North American petrochemical producer, for US$100 million in cash, subject to modest deductions at closing as provided in the merger agreement.
Eastman to acquire Sterling Chemicals and restart plasticizer plant
Global chemicals company Eastman Chemical Co has entered into a definitive merger agreement to acquire Sterling Chemicals, Inc, a single-site North American petrochemical producer, for US$100 million in cash, subject to modest deductions at closing as provided in the merger agreement.
Eastman Chemical to acquire Sterling Chemical for $100 million
Eastman Chemical has bought out Sterling Chemical for 100 million in cash, and acquired Sterling s plasticizer and acetic acid manufacturing assets in Texas City, Texas, Eastman Chemical said Wednesday.
Eastman Acquires Sterling Chemicals | Adhesives & Sealants Industry
Eastman plans to modify and restart Sterling’s currently idled plasticizer manufacturing facility to produce non-phthalate plasticizers, including Eastman 168 non-phthalate plasticizers. This additional capacity will reportedly enable the company’s Performance Chemicals and Intermediates (PCI) segment to serve the growing market demand for non-phthalate alternatives.
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- Did Eastman Chemical buy Sterling Chemicals for $100 million?
- Eastman Chemical has agreed to purchase Sterling Chemicals for $100 million. Sterling, which had about $100 million in revenues in 2010, operates a plant in Texas City, Texas, with capacity to make 1.3 billion lb of acetic acid per year, all of which it sells under contract to BP.
- Does Eastman make phthalate acetate?
- Eastman is also a large producer of acetic acid and derivatives such as cellulose acetate. Earlier this year, Sterling closed a 200 million-lb phthalate ester plasticizer plant after its customer, BASF, terminated a supply agreement. Eastman intends to retool the facility to make its line of nonphthalate plasticizers.
- Who founded Sterling Chemical Company?
- Sterling was formed in 1986 by famed chemical entrepreneur Gordon A. Cain to buy the petrochemical business of Monsanto. You might also like...
