Eastman's Strategic Sale: Texas City Operations Finds A New Home With INEOS Acetyls For $490M
Portfolio Pulse from Shivani Kumaresan
Eastman Chemical Company (NYSE:EMN) has agreed to sell its Texas City Operations to INEOS Acetyls for $490 million. The sale includes a $415 million cash payment 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. 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 | 3:57 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Eastman's sale of its Texas City Operations to INEOS Acetyls for $490 million is expected to be accretive to its adjusted earnings per share in 2024. The proceeds will be used for debt repayment.
The sale of Eastman's Texas City Operations to INEOS Acetyls for $490 million is a significant transaction for the company. The proceeds from the sale will be used for debt repayment, which could improve the company's financial health. Additionally, the sale is expected to be accretive to Eastman's adjusted earnings per share in 2024, which could positively impact the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100