BP Sells Aviation Lubes Business
BP has agreed to sell its global aviation turbine oils business to Eastman Chemical Co. Included in the deal will be BPs aviation turbine oil manufacturing, blending and packaging assets in Linden, N.J., lab equipment, product formulations and global customer contracts – which include many of the worlds commercial airlines. Subject to regulatory and other approvals, the sale should close in the second quarter. Terms were not disclosed.