Eastman Chemical Completes Sale of Batesville Plant Today

NOVEMBER 1, 2006 - Posted at 11:34 a.m. CST

NOVEMBER 1, 2006 - Eastman Chemical Company announced today that it has completed the sale of its Batesville plant to FutureFuel Corporation of St. Louis.   The Batesville plant has been part of Eastman's performance chemicals line.

The facility, which has approximately 400 employees, manufactures specialty organic chemical products and has a growing presence in the biodiesel market.  The sale is for a purchase price of $75 million, plus an earn-out based on biodiesel sales over the next three years.

In July, Eastman announced plans to sell the site because the growth opportunties for the site "did not fit with the company's focus of driving growth in its core business."

(The Associated Press contributed to this report.)