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Jan 30th, 2012
Eastman to acquire Solutia
Solutia supplies polymer materials for solar (fast cure EVA), automotive, building and other industries
Eastman Chemical Company (NYSE:EMN) and Solutia Inc. (NYSE:SOA) announced that they have entered into a definitive agreement, under which Eastman will acquire Solutia, a global leader in performance materials and specialty chemicals. The total transaction value is approximately $4.7 billion, including the assumption of Solutia’s debt.
Eastman and Solutia share several key fundamentals, such as complementary technologies and business capabilities, a polymer science backbone, similar operating philosophies and a high performance culture. In addition, the overlap of key endmarkets is expected to provide opportunities for growth. This acquisition is also a significant step in Eastman’s strategy to extend its global presence in emerging markets. In particular, it should significantly accelerate Eastman’s growth efforts and offer excellent growth opportunities in Asia Pacific. By leveraging infrastructure in the region, Eastman expects to have a compound annual growth rate in Asia Pacific approaching 10 percent for the next several years.
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