Eastman Completes Acquisition of Genovique Specialties
KINGSPORT, Tenn., May 3, 2010 – Eastman Chemical Company (NYSE:EMN) announced that it has completed the acquisition of Genovique Specialties Corporation, a leading global producer of specialty plasticizers, benzoic acid, and sodium benzoate. The transaction is expected to be accretive to Eastman’s full-year 2010 earnings per share. Terms of the transaction were not disclosed.
This acquisition includes Genovique’s manufacturing operations in Kohtla-Järve, Estonia, Chestertown, Md., USA, and a joint venture in Wuhan, China. Genovique’s benzoate ester plasticizers are a strategic addition to Eastman’s existing general-purpose and specialty non-phthalate plasticizers. The acquisition adds differentiated, sustainably-advantaged products to Eastman’s Performance Chemicals and Intermediates’ portfolio and enhances the company’s diversification into emerging geographic regions.
Forward-Looking Statements: This news release includes forward-looking statements concerning the acquisition of Genovique Specialties, including Eastman’s expected competitive position in the market for non-phthalate plasticizer products after the acquisition and the expected impact of the acquired product lines on 2010 earnings per share. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in the company's filings with the Securities and Exchange Commission, including the Form 10-Q filed for first quarter 2010 and available on the Eastman web site at www.eastman.com in the Investors, SEC filings section.