Eastman Chemical to buy Spanish ecofriendly yarn producer
KINGSPORT, Tenn. (AP) — Eastman Chemical Company says it will buy a Spanish producer of ecofriendly yarn.
The Kingsport-headquartered company announced Wednesday that it has entered a definitive agreement to acquire Industrias del Acetato de Celulosa S.A., which creates cellulosic fibers that are extracted from organic wood pulp.
Eastman says the acquisition will support growth of its Naia brand of cellulosic yarn for apparel.
Under the deal, Eastman will acquire the company’s entire yarn business, including the plant and assets in La Batllòria, Spain, formulations and intellectual property and customer contracts. Subject to regulatory approvals and other conditions, the deal is expected to go through in the third quarter of this year.
Eastman manufactures chemicals, fibers and plastics materials for use in a variety of products. It has about 14,500 employees worldwide.