Home / Knowledge / News / Textiles / Eastman completes acquisition of Solutia
Eastman completes acquisition of Solutia
03
Jul '12
Eastman Chemical Company announced the completion of its acquisition of Solutia Inc. The approximately $4.8 billion acquisition supports Eastman’s growth strategy to increase revenues and profit margins by expanding the company’s geographic reach; especially in emerging markets, and establishing a more diverse and sustainable product portfolio. Eastman expects the acquisition to be immediately accretive to earnings, excluding acquisition-related costs and charges.

“We are pleased to complete this transaction and welcome Solutia to the global Eastman team,” said Jim Rogers, Chairman and Chief Executive Officer of Eastman.

“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.”

With the acquisition of Solutia, Eastman has made structural and reporting changes resulting in five reporting segments: Additives and Functional Products, Adhesives and Plasticizers, Advanced Materials, Fibers, and Specialty Fluids and Intermediates. This structure takes into consideration the strategies, operating models, and sales channels that the various businesses employ to be leaders in their respective markets.

  • Additives and Functional Products consists of the rubber materials product lines from Solutia’s former Technical Specialties segment and the specialty polymers and solvents product lines of Eastman’s former Coatings, Adhesives, Specialty Polymers and Inks (CASPI) segment.
  • Adhesives and Plasticizers consists of the plasticizer product lines of Eastman’s former Performance Chemicals and Intermediates (PCI) segment and the adhesives product lines formerly in its CASPI segment.
  • Advanced Materials consists of Eastman’s former Specialty Plastics segment and Solutia’s former Performance Films and Advanced Interlayers segments.
  • Fibers, which continues to consist of the acetate tow, acetate yarn, and acetyl product lines.
  • Specialty Fluids and Intermediates consists of the specialty fluids product lines from Solutia’s former Technical Specialties segment and Eastman’s oxo and acetyl intermediates product lines of its former PCI segment.

Solutia’s Photovoltaics business will be managed as a developing business initiative and reported as “other” sales and operating earnings (loss).

The company will report third quarter 2012 financial results under the new reporting structure.

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search