KINGSPORT, Tenn., Jan. 15, 2010 ¨C Eastman Chemical Company (NYSE:EMN)
announced that it has completed the acquisition of Tongxiang Xinglong Fine
Chemical Co., Ltd., a cellulose-based specialty polymers manufacturing facility
located near Shanghai, China. Terms of the transaction were not disclosed.
The acquisition will support Eastman¡¯s Coatings, Adhesives, Specialty Polymers
and Inks segment, specifically its Ensure? product line, by providing additional
capacity to meet the growing demand in China. Similar to Eastman¡¯s other
cellulose esters, Ensure? has approximately 60 percent bio-renewable content
and is used in a variety of end-market applications such as coatings for packaging
and consumables.
¡°This is an exciting addition to our specialty polymers product lines that reinforces
Eastman¡¯s commitment to sustainably-advantaged products like Ensure?,¡± said
Brian Yoon, Asia Pacific Regional Business Director. ¡°Not only will this
additional capacity allow us to grow with our customers in China, but it will allow
us to free-up capacity at our facility in Kingsport, Tenn., to meet the growing
demand for our other cellulose-based specialty polymers worldwide.¡±
Eastman¡¯s chemicals, fibers and plastics are used as key ingredients in products
that people use every day. Approximately 10,000 Eastman employees around the
world blend technical expertise and innovation to deliver practical solutions. The
company is committed to finding sustainable business opportunities within the
diverse markets it serves. A global company headquartered in Kingsport,
Tennessee, USA, Eastman had 2008 sales of $6.7 billion. For more information,
visit www.eastman.com.