Eastman completes sale of Genencor interest to Danisco
The transaction was completed on April 21, 2005, concurrently with Danisco's acquisition of the outstanding publicly held shares of Genencor common stock in a separate transaction.
22/04/05 Eastman Chemical Company has announced that it has completed the sale of all of its common and preferred shares in Genencor International, Inc., to Danisco A/S for $419.8 million in cash. The transaction was completed on April 21, 2005, concurrently with Danisco's acquisition of the outstanding publicly held shares of Genencor common stock in a separate transaction.
Eastman manufactures and markets chemicals, fibers and plastics worldwide. It provides key differentiated coatings, adhesives and specialty plastics products; is the world's largest producer of PET polymers for packaging; and is a major supplier of cellulose acetate fibers. Eastman is leveraging its heritage of innovation and strength in polyester, acetyl and organic chemistry technologies to drive growth and meet increasing demand in four select markets: building and construction, packaging, health, and electronics. Founded in 1920 and headquartered in Kingsport, Tenn., Eastman is a FORTUNE 500 company with 2004 sales of $6.6 billion and approximately 12,000 employees.
