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Eastman Chemical to acquire BP's global aviation turbine business

  • Eastman Chemical (EMN +1%) agrees to acquire the assets of BP's global aviation turbine engine oil unit to increase its product offerings in the aviation market.
  • EMN will merge the BP unit into its specialty fluids and intermediates business; EMN's current global aviation product offerings include its Skydrol aviation hydraulic fluids.
  • Financial terms are not disclosed, but the BP unit has annual revenue of ~$100M.
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