Eastman Chemical Buys BP's Aviation Oil Division

Eastman Chemical (EMN) is to acquire BP's global aviation turbine engine oil unit for an undisclosed sum. Following the acquisition, which is due to take place in 2Q, Eastman will merge the BP aviation oil unit with its division that produces specialty fluids, including its Skydrol aviation hydraulic fluids. Eastman also makes other chemicals, plastics and synthetic fibres. The BP aviation oil division makes an annual revenue of about $100m.

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