Eastman Chemical Co. has reached a definitive agreement to sell its wholly owned Arkansas chemicals and biofuels subsidiary to Viceroy Acquisition Corp. for $75 million. The sale of Eastman SE Inc. and its 408-employee manufacturing facility in Batesville, AR, is expected to close in the fourth quarter of 2006, subject to regulatory approval.
"The Arkansas facility has been an important part of Eastman's business since the late 1970s," said Jim Rogers, president of Eastman Chemical Co. and head of the company's chemicals and fibers business group. "However, it does not fit with the company's current strategy of driving growth in our core businesses and of taking full advantage of new growth opportunities. This divestiture will result in a better alignment of company resources with our strategy," he said.
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Eastman Agrees to Sell Arkansas Operations
September 12, 2006