Eastman Chemical Co., Kingsport, Tenn., has entered into an agreement to acquire Spain-based cellulosic yarn manufacturer Industrias del Acetato de Celulosa S.A. (INACSA). The deal includes INACSA’s entire yarn business and assets located in La Batllòria, Spain, as well as formulations and intellectual property, and customer contracts. The acquisition, expected to close in Q3, is subject to regulatory approvals and other customary closing conditions. Eastman reports it will use INACSA’s assets to grow its Naia™ cellulosic yarn for the apparel market. Terms of the deal 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.”
July/August 2019
