Eastman Completes Acquisition of Genovique Specialties

According to Business Wire, Eastman Chemical Company has completed the acquisition of Genovique Specialties Corporation, a 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.