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Eastman Completes Sale of Genencor Interest to Danisco

Apr 22 2005

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Eastman Chemical Company has announced that it has completed the sale of all of its common and preferred shares in Genencor International, Inc., to Danisco A/S for $419.8 million in cash. The transaction was completed on April 21, 2005, concurrently with Danisco's acquisition of the outstanding publicly held shares of Genencor common stock in a separate transaction.

"We are pleased to complete this transaction with Danisco, which allows us to monetize at a fair value an investment that was not a strategic asset," said Rich Lorraine, Eastman senior vice president and CFO. According to Lorraine, proceeds from this divestiture are intended to be used for debt reduction.

http://www.eastman.com

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