Also. . .
* Eastman Chemical Co. , the world’s largest supplier of plastic packaging for everything from soda bottles and food containers to pill vials and electronics, said it will split off its packaging unit from its specialty chemical operations. Eastman, which was split off from camera and film giant Eastman Kodak in 1994, said Chairman and Chief Executive Earnest Deavenport will retire after the spinoff and J. Brian Ferguson, president of Eastman’s polymers group, will become CEO of the specialty plastics and chemicals company. Allan Rothwell, president of Eastman’s chemicals group, will become CEO of the PET plastics and acetate fibers company.
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* Tyco International Ltd., the biggest maker of fire-protection and security systems, agreed to buy Scott Technologies Inc. for about $376 million in stock to add respiratory equipment and services. Scott shareholders will get $23 worth of Tyco shares for each Scott share, Tyco said. Exeter, N.H.-based Tyco also will assume about $24 million in debt.
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* Patterson Energy Inc., a Texas company that supplies oil drilling services, agreed to buy rival UTI Energy Corp. for an estimated $1.4 billion in stock, doubling the number of drilling rigs it owns. The merger brings together two of the biggest U.S. suppliers of onshore drilling rigs.
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