DAK Americas LLC, based in Charlotte, N.C., has announced that it is proceeding with its acquisition of the integrated PET (polyethylene terephthalate) and PTA (terephthalic acid) plastics business of Eastman Chemical Co. The company says it expects to close the transaction by the end of January 2011.
DAK says the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired without request for additional information from the U.S. Federal Trade Commission.
The acquisition includes three production facilities in Columbia, S.C., including two PET resin units and one PTA (monomers/ingredients) unit. The transaction includes the intellectual property for IntegRex PET and PTA. Both PET resin production units have a combined annual capacity of 675,000 tons. The PTA unit has an annual production capacity of 600,000 tons, according to a press release from DAK.
The Columbia site will be integrated into DAK Americas PET and PTA business units, which also have operations in Charleston and in Wilmington and Fayetteville, N.C.
The acquisition of Eastman’s assets in Columbia follows DAK’s purchase of Eastman’s PET International operations in Cosoleacaque, Mexico, and Zarate, Argentina, that were completed in 2007.