Eastman agrees to sell polyethylene business to Westlake
16 Oct '06
3 min read
About 255 employees will remain with Eastman and continue producing polyethylene for Westlake. The two companies have an agreement that will allow continued operation of the Longview cracking facilities with a staged phase-out of older units beginning in 2007, allowing both companies to optimize the value of their respective olefin businesses under various market conditions.
"We are pleased to be working with a strong strategic player such as Westlake on this transaction," Ferguson said. "Westlake brings a history of success in the industry, and we look forward to further developing relationships with them as they become a part of the operating site and community in Longview."
Thomas J. Stevens, Eastman Vice President and General Manager of the performance polymers business, said customers can expect a smooth transition of business. "Eastman plans to continue doing business as we have until the sale is complete. We have long and valued relationships with our polyethylene customers, and we are committed to working closely with Westlake to ensure a smooth transition of these relationships."
marketing@alchempro.com
