Eastman Completes Solutia Purchase
Eastman Chemical Co. has completed its previously announced $4.8 billlion acquisition of Solutia Inc.
“We are pleased to complete this transaction and welcome Solutia to the global Eastman team,” says Jim Rogers, Eastman chairman and CEO. “The addition of these strong businesses, unique technologies, and highly differentiated products is expected to contribute strong cash generation and a solid return on capital to Eastman. We are confident this acquisition strengthens our position as a top-tier specialty chemicals company and establishes a powerful combined platform with significant opportunities for organic growth. We are committed to the successful integration of Solutia and look forward to delivering the projected growth and synergies from this combination.”
Eastman produces a range of plasticizers, polymers and chemicals used in fenestration applications, including wood products and architectural glazings. Solutia's line includes Saflex interlayer material for laminated glass and, and with the 2011 purchase of Southwall Technologies, Heat Mirror film.