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Eastman to acquire Solutia

January 31/2012

(eastman) -- Eastman Chemical Company and Solutia Inc. announced that they have entered into a definitive agreement, under which Eastman will acquire Solutia, a global leader in performance materials and specialty chemicals.


Under the terms of the agreement, Solutia stockholders will receive USD 22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.


Based on yesterdays closing prices, Solutia shareholders will receive cash and stock valued at USD 27.65 per Solutia common share, representing a premium of 42 percent and a total transaction value of approximately USD 4.7 billion, including the assumption of Solutias debt.


"The acquisition of Solutia is a significant step in our growth strategy and one that I am confident will strengthen Eastman as a top-tier specialty chemical company with strong, stable margins," said Jim Rogers, chairman and chief executive officer of Eastman.


"The addition of Solutia will broaden our geographic reach into emerging geographies, particularly Asia Pacific, establish a powerful combined platform with extensive organic growth opportunities, and expand our portfolio of sustainable products, all of which are consistent with our growth strategy", said Rogers.


mrcplast.com

Author:Anna Larionova
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Category:General News
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