Eastman Get’s G-Log’s Interest in ShipChem

Eastman Chemical Co. has acquired G-Log's interest in ShipChem Inc., a company that deals with shipping and logistics for chemical and plastics industries. Terms of the transaction were not disclosed. ShipChem was launched in February 2000 to address the cost of transporting raw materials and hazardous materials in the chemical industry through the combination of Internet technology, optimization software and advanced domain expertise. "Our increased level of investment demonstrates our confidence in ShipChem's global leadership position in the chemical and plastics industries and in its ability to deliver comprehensive logistics solutions that no one else can offer," said Earnest W. Deavenport Jr., Eastman chairman and CEO. ShipChem CEO Mark A. Kaiser said the company has made tremendous progress since its founding. Kaiser said ShipChem will continue as a licensee of G-Log's logistics software and that the G-Log software will continue to be a component of the ShipChem offering.