Eastman Chemical Mulls Sale of PET Business

Company also reviewing other 'strategic options.'

Eastman Chemical Co. shares rose April 23 after it said it may sell its PET business in its performance polymers segment.

Eastman said it is also reviewing other "strategic options" and has hired Bank of America Merrill Lynch as its financial advisor.

Shares climbed $4.57, or 6.8%, to $71.69 in trading before the opening bell.

The company has sold parts of its polyethylene terephthalate (PET) business in the past, but now it's considering selling the whole thing off.

Eastman Chemical, which reported soaring profits on April 22, makes chemicals, fibers and plastics used in every day items.

Shares of the company closed April 22 at $67.12.

Copyright 2010 The Associated Press.

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