Eastman Chemical Company recently announced that it
has entered into a definitive agreement to acquire Industrias del Acetato de
Celulosa S.A. (INACSA), a Spanish producer of cellulosic yarn.
The INACSA yarn business and assets are expected to
support continued growth of Naia cellulosic yarn for the apparel market and
will become part of the global Fibers segment supply base.
Subject to receipt of required regulatory approvals
and satisfaction of other customary closing conditions, Eastman will acquire
the entire yarn business and assets from INACSA, including the plant and assets
in La Batllòria, Spain, formulations and intellectual property and customer
contracts. The acquisition is expected to be completed in the third quarter of
2019. Terms of the transaction were not disclosed.
“With the
acquisition of INACSA, Eastman gains a well-respected yarn producer and a
European site that will enhance our ability to support the global textiles
supply chain,” said Brad Lich, executive vice president and chief commercial
officer. “We look forward to welcoming the INACSA employees to the Eastman
team.”
“This bolt-on acquisition is consistent with the
company’s growth strategy and objective of delivering superior value through
disciplined and balanced uses of cash for dividend payments, debt repayment,
share repurchases, and organic and inorganic growth initiatives,” Lich added.