Eastman Chemical to sell PET unit to DAK for US$600M

Chemical supplier Eastman Chemical Co. has agreed to sell its polyethylene terephthalate (PET) business and related assets of its performance polymers unit to DAK Americas LLC for approximately US$600 million in cash.

The transaction is expected to close in the fourth quarter or this year pending regulatory approvals.

The acquisition includes three production facilities in Columbia, S.C., including two PET resin units and one PTA unit, with a total of 415 workers.

“DAK Americas is extremely excited about the acquisition as it further reinforces DAK‘s position as an important regional player in the global PET marketplace,” said Hector Camberos, president and CEO, DAK Americas, in a press statement. “This strategic operation will strengthen our presence in the North American PTA and PET markets, where we supply some of the most important companies in segments such as food, drink and personal care,”

DAK is owned by Alpek, a division of Monterrey, Mexico-based conglomerate Alfa SAB de CV.

The purchase comes less than one year after Kingsport, Tenn.-based Eastman filed a March 2010 lawsuit against DAK in connection with DAK’s alleged unauthorized use of Eastman’s IntegRex PET technology.