TriCities.com, Saturday, Dec 22, 2007 - 11:13 PM
KINGSPORT, Tenn. (AP) - Eastman Chemical Co. has agreed to sell two European chemical plants to Indonesia's Indorama Group for about $330 million.
The deal is expected to close in the first quarter of next year. The plants in Britain and the Netherlands make synthetic fibers for food and drink containers. The Netherlands plant also makes an acid used to make polyester coatings and resins.
Eastman has previously announced sale of a Spanish plant.
The Kingsport-based company says the financial results for all the European plants sold will be recorded as discontinued operations in the fourth quarter.
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