US-based chemicals, fibres and plastics manufacturer Eastman Chemical Company has entered into a definitive agreement with Viceroy Acquisition Corporation for the sale of its Arkansas-based wholly-owned subsidiary, Eastman SE, Inc., which includes Eastman's Batesville, Ark., manufacturing facility and its related assets and product lines. The purchase price is $75 million. Subject to regulatory approval and customary conditions, the sale is expected to close in fourth quarter 2006.

Eastman SE manufactures specialty organic chemicals products for the company's performance chemicals and intermediates segment, which is part of the chemicals and fibres business group. The facility has approximately 408 employees and also manufactures and markets bio-diesel fuels.