Eastman Acquires TetraVitae Bioscience, Developer of Bio-based Butanol

KINGSPORT, Tenn. -- Eastman Renewable Materials, LLC, a wholly-owned subsidiary of Eastman Chemical Company, announced that it has acquired the assets of TetraVitae Bioscience, Inc., located in Chicago, Ill. TetraVitae is one of the leading developer of renewable chemicals, including bio-based butanol and acetone. Terms of the transaction were not disclosed.

"This announcement is a demonstration of Eastmans continued investment in innovation and our commitment to delivering sustainable solutions to our customers," said Dr. Greg W. Nelson, senior vice president and chief technology officer. "I am confident that TetraVitaes patented bio-catalysis technology will provide Eastman an excellent platform for the development of a range of bio-based processes that will strengthen our sustainable product offerings."

"This technology is an excellent example of connecting science and sustainability," said Godefroy Motte, senior vice president and chief regional and sustainability officer. "This acquisition is an important step in our sustainability journey and will go a long way toward helping us meet our goals for sustainably-advantaged products."

Eastman recently released its 2011 Sustainability Report, which outlines the companys current progress as well as measurable economic, environmental and social goals.