Eastman to Acquire Genovique Specialties
Eastman Chemical Company announced that it has entered into a definitive agreement to acquire Genovique Specialties Corporation, a global producer of specialty plasticizers, benzoic acid, and sodium benzoate. Terms of the transaction were not disclosed.
The transaction is expected to be accretive to Eastman’s full-year 2010 earnings per share. Following the completion of the transaction, Genovique Specialties, including its manufacturing operations in Chestertown, Md., Kohtla-Järve, Estonia, and its joint venture in Wuhan, China, will become part of Eastman's Performance Chemicals and Intermediates (PCI) segment.
“Eastman continues to execute its strategy to grow the company through strategic uses of cash. This acquisition aligns with Eastman’s strategic goals of investing in differentiated, sustainably-advantaged products nd diversifying into emerging geographies,” said Jim Rogers, president and CEO. “We look forward to delivering on the benefits this transaction creates for our customers and stockholders alike.”
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