Eastman Chemical to Close Polymers Site in Spain, Citing An Untenable Labor Situationadmin
Eastman Chemical Co., a global maker of chemicals, plastics and fibers, on Thursday said it plans to close permanently a non-integrated synthetic fiber manufacturing site in San Roque, Spain.
The company said it expects to take a charge in the first quarter of 2007 related to the closure of the facility, where it has been making polyethylene terephthalate, which it does not think will exceed $10 million.
Eastman Chemical said it considered a number of alternatives for the site, but “an untenable labor situation” led to the decision to permanently close the site.
Shares of Eastman Chemical rose 84 cents to $59.40 in midday trading on the New York Stock Exchange.
Source: AP via biz.yahoo.com