Eastman Chemical Closes Commonwealth Takeover
Eastman Chemical has completed its acquisition of compatriot Commonwealth Laminating & Coating, a manufacturer of window films and specialty films for automotive, architectural, and protective applications. Financial terms were not disclosed.
The deal announced in March of this year includes Commonwealth's manufacturing facility and master distribution center in Martinsville, Virginia, along with nine sales distribution centers that cater to the global market.
Eastman said the acquired business, now part of its Advanced Materials division, will be accretive to earnings (barring excluding acquisition-related costs and charges) in 2015.
The chemical producer added that the addition of Commonwealth's expertise, paint protection technology, brand and sales channels and experienced employees will enable sustained growth of its performance films product.
Eastman said it is aggressively pursuing acquisitions to promote growth in emerging markets, especially in Asia Pacific, following the takeover of Solutia in 2012.
In June, the Kingsport, Tennessee-based company bought the aviation turbine engine oil business of BP and in November completed the purchase of specialty chemical producer Taminco for $2.8 billion in cash and assumed debt.
