OK
The Universal Selection Source:
Adhesives Ingredients
Industry News

Solvay Ends JV with Eastman and Fully Owns Cellulose Acetate Flake Plant

Published on 2016-05-19. Author : SpecialChem

Brussels, Belgium -- Solvay and Eastman Chemical Company have signed a definitive agreement to end their cellulose acetate production joint venture Primester with Solvay acquiring Eastman’s 50 percent stake in the U.S.-based plant and becoming its sole owner.

Solvay Ends JV with Eastman
Fig. 1: Solvay Ends JV with Eastman

“After our partnership of 25 years, this agreement allows Solvay to continue securing the most economical long term supply of cellulose acetate flake for its own tow business in Germany, Brazil and Russia, while adapting capacity to demand," said Philippe Rosier, President of Solvay Global Business Unit Acetow.

Following the transaction, Eastman will provide the long-term supply of basic utilities and raw materials to the plant, based in Kingsport, Tennessee.

Closing should occur in the second quarter of 2016, subject to customary regulatory approvals.

About Solvay

An international chemical and advanced materials company, Solvay assists its customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO2 emissions, optimize the use of resources and improve the quality of life. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications. Solvay is headquartered in Brussels with about 30,900 employees spread across 53 countries. It generated pro forma net sales of € 12.4 bn in 2015, with 90% made from activities where it ranks among the world’s top 3 players. Solvay SA (SOLB.BE) is listed on Euronext in Brussels and Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).

Source: Solvay

PS: If you liked this News, you might enjoy our Adhesives Industry Newsletter. All the Industry News delivered once a week right to your inbox. Sign up here!


FEICA 2018 European Adhesive and Sealant Conference and EXPO
Channel Alerts

Receive weekly digests on hot topics

Back to Top