Eastman Chemical Co. announced Dec. 5 the completion of its acquisition of Taminco Corp., a global specialty chemical company, for a total of $2.8 billion in cash and assumed debt.
"We are pleased to complete this transaction and welcome Taminco employees to the global Eastman team," said Mark Costa, Eastman chairman and chief executive officer. "Taminco's world-class alkylamine technology platform and strong presence in attractive niche end markets will further strengthen our position as a leading specialty chemical company. We are committed to successful integration of Taminco and look forward to delivering the projected synergies of this transaction."
Taminco's former Specialty Amines and Crop Protection businesses will be operated as part of the Additives & Functional Products segment and its former Functional Amines business will be operated as part of the Specialty Fluids & Intermediates segment.
When Eastman announced the acquisition in September, it gave the following strategic rationale:
* The acquisition of Taminco strengthens Eastman's presence in attractive niche markets such as food, feed and agriculture. In addition, it provides opportunities to accelerate growth in the personal care, coatings and oil and gas markets. These markets also benefit from global megatrends such as a growing population, demand for high-performance products, and energy efficiency.
* The acquisition will add an attractive, world-class technology platform in alkylamines to Eastman's portfolio. Taminco and Eastman share a common approach to stream management and vertical integration that Eastman expects to leverage to create new opportunities for growth and to broaden opportunities to leverage the advantage created by shale gas.
Taminco is a global specialty chemical company, with a clear focus on niche markets. Taminco is the world's leading producer of alkylamines and derivatives and a major producer of formic acid and derivatives, supplying diversified global end markets. Taminco's products are used by customers in the manufacture of a diverse array of products for the agriculture, animal nutrition, water treatment, personal & home care and oil & gas end-markets, and its products provide these goods with a variety of ancillary characteristics required for optimal performance.
Eastman is a global specialty chemical company that produces a broad range of products found in items people use every day. As a globally diverse company, Eastman serves customers in approximately 100 countries and had 2013 revenues of approximately $9.4 billion. The company is headquartered in Kingsport, Tenn., and employs approximately 14,000 people around the world.