Eastman acquires BP's aviation turbine engine oil business $100 million

Eastman to acquire BP’s aviation turbine engine oil business

9:47 AM, 29th January 2014
Eastman acquires BP's aviation turbine engine oil business

KINGSPORT, US: Eastman Chemical Company has entered into a definitive agreement to acquire the assets of BP’s global aviation turbine engine oil business, with annual revenues of approximately $100 million. The acquisition includes a production facility in Linden, New Jersey, US specialized laboratory equipment located in Naperville, Illinois, US and a long-term supply agreement for products related to the acquired business that BP will use to serve industrial markets.

Subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions, the acquisition is expected to be completed in the second quarter of 2014. Terms of the transaction were not disclosed.

“With the acquisition of BP’s global aviation turbine oil business, Eastman will gain a growing and profitable specialty chemical business that aligns well with our existing product offerings. This acquisition is consistent with our objective of consistent superior value through disciplined capital allocation including bolt-on acquisitions,” said Ron Lindsay, Chief Operating Officer, Eastman.

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