Eastman Chemical has bought out Sterling Chemical for $100 million in cash, and acquired Sterling's plasticizer and acetic acid manufacturing assets in Texas City, Texas, Eastman Chemical said Wednesday.
Eastman plans to modify and restart Sterling's currently idled plasticizer manufacturing facility to produce non-phthalate plasticizers.
A representative for Eastman was unavailable for further comment on plans for modification.
Capacity on the acetic acid unit is approximately 1.1 billion lbs/year, and the 290-acre Texas City facility has a dock, and truck and railcar loading racks, according to Sterling Chemical's website.
The acquisition also includes Sterling's supply to BP Amoco Chemical Company under a long-term production agreement.
