Solvay has signed a definitive deal with Eastman Chemical Company to bring their cellulose acetate production joint venture Primester to an end. Solvay has acquired 50% stake of Eastman in the plant based in the US and is ready to take its full ownership.
Solvay Global Business Unit Acetow’s President, Philippe Rosier said, “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.”
After the deal, Eastman is to offer the long-term supply of raw materials and basic utilities to the Kingsport, Tennessee-plant.
Closing is expected to occur in Q2, this year. However, it depends on customary regulatory approvals.