Specialty materials company Eastman Chemical Co has inked a deal to acquire Industrias del Acetato de Celulosa SA (INACSA), a Spanish producer of cellulosic yarn.
The INACSA yarn business and assets are expected to support continued growth of Eastman’s Naia cellulosic yarn for the apparel market, and will become part of the global fibres segment supply base.
“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,” says Brad Lich, executive vice president and chief commercial officer.
The acquisition covers the entire yarn business and assets from INACSA, including its plant in La Batllòria, Spain, formulations and intellectual property and customer contracts. The acquisition is expected to be completed in the third quarter of 2019. Terms of the transaction were not disclosed.
“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,” Lich adds.
Last week, Eastman announced it has developed a new range of recycled performance fibres made from 100% post-consumer recycled PET material.
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