Solvay Takes 100% of JV with Eastman

Belgian chemical producer Solvay has agreed to take partner Eastman’s 50% stake in the cellulose acetate production joint venture Primester and will become sole owner of the plant operated at Kingsport, Tennessee, Eastman’s US headquarters.

The change is due to take place in the second quarter this year, subject to customary regulatory approvals. Going forward, Eastman will supply basic utilities and raw materials to the Solvay-owned facility.

"After our partnership of 25 years, this agreement allows Solvay to continue securing the most economical long term supply of cellulose acetate flake for its own tow business in Germany, Brazil and Russia, while adapting capacity to demand," said Philippe Rosier, President of the Belgian group’s global business unit Acetow.