Eastman To Sell Texas City Operations To INEOS Acetyls For $490M
Portfolio Pulse from Benzinga Newsdesk
Eastman Chemical Company (NYSE:EMN) has agreed to sell its Texas City Operations to INEOS Acetyls for $490 million. The sale includes $415 million in cash at closing and the remainder in equal installments on the first and second anniversaries of the closing. Eastman will retain ownership of its plasticizer business at the site, which INEOS will operate for Eastman. The sale is expected to be accretive to Eastman's adjusted earnings per share in 2024 and the proceeds will be used for debt repayment.
September 28, 2023 | 1:03 pm
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The sale of Eastman's Texas City Operations to INEOS Acetyls for $490 million is expected to be accretive to Eastman's adjusted earnings per share in 2024. The proceeds will be used for debt repayment, which could improve the company's financial health.
The sale of the Texas City Operations will provide Eastman with significant cash, which will be used to repay debt. This could improve the company's balance sheet and financial health, potentially making the stock more attractive to investors. Additionally, the sale is expected to be accretive to earnings per share in 2024, which could also boost the stock price.
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