Davis Polk is advising Solvay SA in connection with its acquisition of the remaining 50% interest in Primester, a joint venture partnership between Solvay and Eastman Chemical Company. Under the terms of the agreement, a subsidiary of Solvay SA will acquire the partnership interest currently held by Eastman Chemical Company. After the closing, Eastman will continue to supply certain services, utilities and raw materials to Primester for Solvay’s operation of the former joint venture assets. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2016.

Headquartered in Brussels, Solvay is an international chemical and advanced materials company assisting customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO2 emissions, optimize the use of resources and improve quality of life. Primester produces cellulose acetate flake at a manufacturing facility located in Kingsport, Tennessee for use in Solvay’s tow business in Germany, Brazil and Russia.

The Davis Polk corporate team includes partner William H. Aaronson and associate Amanda Bradley. The intellectual property and technology team includes partner Pritesh P. Shah and associate Bonnie Chen. Partner David H. Schnabel and associate Anne E. McGinnis are providing tax advice. Counsel Lawrence R. Plotkin and associate Stephen J. Holler are providing real estate advice. Counsel David A. Zilberberg is providing environmental advice. Partner Jeffrey P. Crandall is providing executive compensation advice. All members of the Davis Polk team are based in the New York office.

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