TetraVitae, an Illinois Start-Up located in EnterpriseWorks, is a leading developer of renewable chemicals, including bio-based butanol and acetone. They were acquired by Eastman Renewable Materials, LLC, a wholly-owned subsidiary of Eastman Chemical Company. The press release from Eastman Chemical Company is below:
Eastman Acquires TetraVitae Bioscience Assets
KINGSPORT, Tenn., Nov. 2, 2011 -- 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 a leading developer of renewable chemicals, including bio-based butanol and acetone. Terms of the transaction were not disclosed.
"This announcement is a demonstration of Eastman's 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 TetraVitae's 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 company's current progress as well as measurable economic, environmental and social goals. To learn more, visit www.eastman.com/sustainability.
Eastman's chemicals, fibers and plastics are used as key ingredients in products that people use every day. Approximately 10,000 Eastman employees around the world blend technical expertise and innovation to deliver practical solutions. The company is committed to finding sustainable business opportunities within the diverse markets and geographies it serves. A global company headquartered in Kingsport, Tenn., USA, Eastman had 2010 sales of $5.8 billion. For more information, visit www.eastman.com.