KINGSPORT, TN - Eastman Chemical Co. and the New York private investment firm Apollo Management L.P. announced an agreement for the sale of certain businesses and product lines of Eastman's coatings, adhesives, specialty polymers and inks (CASPI) segment to Apollo Management for $215 million. Completion of the sale is anticipated by the end of July, the companies said.

Eastman businesses and product lines included in the divestiture are acrylate ester monomers, composites (unsaturated polyester resins), ink and graphics-arts raw materials, liquid resins, powder resins and textile chemicals.

Eastman in August 2003 announced plans to restructure, divest or consolidate the businesses and product lines as part of a program to boost profits. The sale includes eight U.S. manufacturing sites and facilities in Belgium, Italy, Sweden, Germany, the Czech Republic and China.