KINGSPORT, Tenn., July 31, 2012 - Eastman Chemical Company
(NYSE: EMN) today announced a joint venture with Sinopec
Yangzi Petrochemical Company Limited to build a world scale
hydrogenated hydrocarbon resin plant in Nanjing, China. The
venture will be equally owned by the two companies and the
facility will produce 50,000 metric tons of Eastman's
Adhesives and Plasticizers segment's Regalite™ hydrocarbon
resins upon completion. The facility is expected be
operational by the end of 2014 and will increase Eastman's
total capacity for hydrogenated resins by 50 percent, making
Eastman the largest global supplier of hydrogenated
hydrocarbon resins.
"Eastman is committed to growing our hydrogenated resins
product line and this joint venture positions us to serve the
fast expanding market in Asia," said Ron Lindsay, executive
vice president. "This new facility reinforces our dedication
to growing with our customers and to meeting demand in China
and all of Asia."
"Eastman and Sinopec Yangzi Petrochemical Company Limited
have a strong existing resin production relationship," said
Michael Chung, senior vice president of international
ventures. "This venture is mutually beneficial and globalizes
our Regalite™ product line."
Eastman and Sinopec Yangzi Petrochemical Company (YPC) have
an existing joint venture for the manufacture of Eastman
Eastotac™ resins in Nanjing, China. The manufacturing site
will be expanded for the new facility. The joint venture
leverages the proximity of YPC's integrated petroleum complex
with Eastman's technology and market positions.
Regalite™ hydrogenated hydrocarbon resins have been produced
since 1985, and are used extensively in a wide variety of hot
melt adhesives, polymer compounds and plastic modifications.
Thanks to their versatility and broad compatibility,
Regalite™ hydrogenated hydrocarbon resins can be formulated
with a wide range of polymers, and offer excellent color,
stability and adhesion in markets such as packaging and
personal hygiene, including disposable diapers.
Eastman is a global specialty chemicals company that produces
a broad range of advanced materials, additives and functional
products, specialty chemicals, and fibers that are found in
products people use every day. As a world leader in the
diverse markets it serves, Eastman is focused on delivering
innovative and technology-based solutions while maintaining
its commitment to safety and sustainability. Serving
customers in approximately 100 countries, Eastman had 2011
pro forma revenues, giving effect to the Solutia acquisition,
of approximately
$9.3 billion. The company is based in Kingsport, Tennessee,
USA, and, with the completion of the Solutia acquisition, now
employs approximately 13,500 people around the world. For
more
information, visit www.eastman.com
423-229-6135 / mdemuth@eastman.com
Investors: Greg Riddle
212-835-1620 / griddle@eastman.com
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