13 September 2004

Novamont buys Eastman biodegradable assets

Eastman said the business has few synergies with its own markets

Novamont, the Italian producer of biodegradable materials, has acquired Eastman’s Eastar Bio business. Eastar Bio is a biodegradable co-polyester for film, fibre and non-woven applications. It was introduced by Eastman in 1997. Novamont will acquire its patent portfolio and technology platform.

Novamont managing director Catia Bastioli: “This will permit us to widen the range of Novamont’s proprietary products and speed up the internal development of polyesters from renewable resources.”

Novamont offers a range of biodegradable materials under its Mater-Bi trademark. It has a turnover of E30m and employs 100 people. Eastman said that it was selling its biodegradable interests because “only limited synergies exist” with its own markets. Terms of the deal were not disclosed.

Source: PRW.com Sept. 09, 2004.

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