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Strategies & Market Trends : Speculating in Takeover Targets

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From: richardred	10/25/2010 10:56:41 AM
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Eastman Chemical to sell PET unit for $600M Eastman Chemical to sell polyethylene terephthalate unit for $600 million to DAK Americas ap On Monday October 25, 2010, 10:27 am KINGSPORT, Tenn. (AP) -- Eastman Chemical Co. said Monday it agreed to sell its polyethylene terephthalate (PET) business and related assets of its performance polymers unit to DAK Americas LLC for about $600 million in cash. The unit has been a sore spot for Eastman, losing money over the past several years. Eastman has sold off parts of it, and has been considering strategic alternatives, including a possible sale of the rest, since April. The company expects to recognize a "modest" gain from the sale, which is subject to regulatory approvals and other customary closing conditions. Polyethylene terephthalate is used in plastic bottles. The company added that it will implement a restructuring plan and post related severance charges in the fourth quarter, but it did not provide details. In morning trading, shares of Eastman Chemical picked up $3.48, or 4.4 percent, to $82.08. Earlier in the session the stock traded at a 52-week high of $82.69. finance.yahoo.com

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