Eastman Chemical acquires turbine engine oil business

It is being reported that Eastman Chemical Company has agreed to acquire the assets of BP’s global aviation turbine business, of which the annual revenues are approximately $100 million. The acquisition will be completed during the second quarter of 2014.
As part of the agreement, the production facility in Linden, New Jersey, specialized laboratory equipment located in Naperville, Illinois and a long-term supply agreement for products related to the acquired business.This acquisition will better equip Eastman Chemical to meet the global aviation industry’s needs. Especially when added to its existing Skydrol® aviation hydraulic fluids.
“With the acquisition of BP’s global aviation turbine oil business, Eastman will gain a growing and profitable specialty chemical business that aligns well with our existing product offerings,” said Ron Lindsay, chief operating officer. “This acquisition is consistent with our objective of consistent superior value through disciplined capital allocation including bolt-on acquisitions.”
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