Gallardo family buys 5pc stake in Eastman

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The Gallardo family has acquired a 5.5 percent interest in US giant Eastman Chemical.

15 January 2008

MADRID - The Gallardo family, leading shareholders in Spanish pharmaceutical firm Laboratorios Almirall, has acquired a 5.5 percent interest in US giant Eastman Chemical.

According to a filing with the US Securities Exchange Commission, Jorge and Antonio Gallardo, through their firm Todasa, have bought 4.452 million Eastman Chemcial shares, equivalent to 5.5 percent of the US manufacturer's capital. The market value of the stake amounts to USD 276.55 million (EUR 185.96 million.)

The Galardos are now the third-biggest shareholders in the Fortune 500 company. Eastman Chemical, which is based at Kingsport, Tennessee, had sales in 2006 of EUR 7.5 billion and has a workforce of 11,000 employees.

Eastman Chemical, which was spun off from Eastman Kodak, is one of the largest suppliers of cellulose acetate and one of the main producers of PET polymers, a plastic used to make containers.

The US firm had recently disposed of its PET plants in Europe. Spanish firm La Seda de Barcelona bought Eastman Chemical's installations in San Roque in the southern port city of Cádiz.

The Gallardo's company Todasa holds a 24.66-percent stake in the Barcelona-based Almirall, which listed in the Spanish exchanges in June of last year through an initial public share offer. Jorge Gallardo is chairman and CEO of Almirall, while his brother Antonio is deputy chairman.

[Copyright EL PAÍS 2008]

Subject: Spanish news

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