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Texas City acetic acid plant sells for $490M

​TEXAS CITY – Ineos Group Ltd. has acquired an acetic acid plant from Tennessee-based Eastman Chemical Co. for $490 million.

All current employees will be transferred to Ineos once the transaction is closed.

Ineos has already worked with Eastman’s Texas City site by licensing its Cativa acetic acid technology to produce acetic acid at the site. Acetic acid is used to make household fabrics, laundry detergent, and other everyday items.

Eastman employs about 14,500 people in over 100 countries.​