Eastman Chemical has sold its Eastar Bio copolyester business and technology platform to Novamont, the Italian producer of biodegradable materials, for an undisclosed sum.
Catia Bastioli, managing director of Novamont, comments: "The acquisition will permit us to widen the range of our proprietary products and speed up the internal development of polyesters from renewable resources. The patent portfolio related to Eastar Bio technology will further strengthen our position in the sector of polyesters and starch/polyester systems."
Novamont offers a family of materials based on renewable agricultural origin under the Mater-Bi trademark. Industrial applications covered range from separate collection of organic waste and composting to agriculture, hygiene, packaging, food service ware and additives for rubber.
"The emerging biodegradable industry is experiencing exciting market development activities," says Phil Griswold, vp and general manager of Eastman's speciality plastics business. "However, only limited synergies exist with markets currently served by Eastman. We believe Novamont is a better natural owner of this innovative technology."
Eastar Bio copolyester is used commercially in food service ware markets for cutlery and single use disposable packaging, protective packaging, compost bags and organic waste bin liners. Eastman also had biodegradable development efforts in agricultural plastics, packaging and sporting goods.
| Contacts |
| Novamont Tel: +39 0321 699 675 Eastman Chemical Tel: +1 423 229 3880 |
