Sector News

Eastman Chemical Considers Closing U.K. Acetate Tow Facility

February 3, 2015
Chemical Value Chain
Eastman Chemical Co. said Tuesday that it is considering closing its acetate tow manufacturing facility in the United Kingdom as demand for the product slows.
 
The Workington, U.K., site accounts for about 11% of Eastman’s overall manufacturing capacity for acetate tow, a fibrous material used in cigarette filters. Eastman said it also manufactures acetate tow at facilities in Tennessee, Korea and China, the latter through a joint venture with China National Tobacco Co.
 
Eastman said it has notified the trade union and will begin working with representatives through the consultation period. Eastman had about 14,000 employees as of December 2013, according to a regulatory filing.
 
The announcement came just days after the chemical and materials company reported that its fourth-quarter profit plunged on higher acquisition-related expenses. Excluding those expenses and other special items, however, its profit rose to $1.64 a share from $1.35 a year earlier as revenue rose 3.71%.
 
The Tennessee company—which makes chemicals, plastics and synthetic fibers—has been expanding through acquisitions. In December, it bought specialty chemical maker Taminco Corp.—the world’s largest producer of alkylamines, used in agriculture, water treatment and personal care items—and Commonwealth Laminating Coating Inc., a maker of window films and specialty films for the automotive, architectural and protective-applications markets.
 
By Chelsey Dulaney
 

comments closed

Related News

December 3, 2022

Corteva to acquire Stoller Group for $1.2 billion

Chemical Value Chain

Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.

December 3, 2022

OMV introduces new corporate structure to drive sustainable growth and innovation

Chemical Value Chain

OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.

December 3, 2022

What does the current downturn in industrial manufacturing mean for executives searching for a senior role in the chemicals industry?

Chemical Value Chain

The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.