Purchase will serve growing demand for non-phthalate alternatives
Eastman Chemical Company has announced it is to acquire Sterling Chemicals, a US petrochemical producer. The $100m cash agreement will enable Eastman to serve the growing demand for non-phthalate alternatives through its Performance Chemicals and Intermediates (PCI) division and includes Sterling’s plasticizer and acetic acid manufacturing assets in Texas, which it plans to modify to produce non-phthalate plasticizers.
“This acquisition supports our growth strategy for our plasticizer product line and will enable us to keep pace with the growing demand for non-phthalate alternatives,” commented Ron Lindsay, executive vp, PCI. “We look forward to working with Sterling employees as we bring this additional capacity online and continue to grow this business.”