Eastman acquires specialty chemical maker Taminco for $2.8-bn

Eastman Chemical Company has agreed to acquire Taminco, a global specialty chemical company, for $2.8 billion, including net assumed debt of $1 billion. The acquisition will be funded with available cash and debt financing. “The acquisition of Taminco demonstrates Eastman’s continued commitment to accelerating growth throughout the company and around the globe. As a specialty chemical company with consistent earnings growth and leading positions in attractive niche end markets, Taminco is a strong fit with Eastman’s strategic focus. Taminco will add an attractive alkylamines stream to our chemical portfolio,” said Mark Costa, Chairman and Chief Executive Officer of Eastman.
 
Costa added, “We commend the management team and employees of Taminco. Their innovation-driven strategy has helped transform Taminco into a leading specialty chemical company as demonstrated by its strong, consistent earnings growth over the past eight years. We are confident that our similar business models will allow for a smooth and seamless integration.”
 
With Taminco in it fold, Eastman can strengthen its 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 of Taminco 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.