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In a recent acquisition, Ineos Group Ltd. has purchased a Texas City acetic acid plant from Eastman Chemical Co. for $490 million. The transaction will result in the transfer of all current employees at the Eastman site to Ineos upon its completion, although no specific number was disclosed by either company.

This move is not unfamiliar to Ineos, as they have previously collaborated with Eastman’s Texas City location through licensing their Cativa acetic acid technology for production purposes. Acetic acid is an essential component used in various household products such as fabrics and laundry detergent.

With operations spanning over 100 countries worldwide, Eastman currently employs approximately 14,500 individuals throughout their organization.

The article “Texas City Chemical Plant Trades for $500M” was originally published on Connect CRE.