BP has agreed to sell its aviation turbine oil business to Eastman Chemical Co. Eastman has been building its aviation chemicals portfolio since 2012, when it added Skydrol hydraulic fluids. The terms of the deal, which is expected to be complete in the second quarter of this year, have yet to be disclosed. BP’s aviation turbine oil business, which has a production facility in Linden, N.J., and lab equipment near Chicago, has annual revenues of approximately $100 million. BP’s decision to sell its aviation turbine oil business is the result of a review of the company’s lubricants portfolio.
Photo: BP p.l.c.