Eastman Chemical to Acquire Genovique Specialties

Eastman Chemical said on Wednesday it will acquire Genovique Specialties in a deal that will increase its footprint in the growing market for specialty plasticizers. Financial details of the transaction were not disclosed, but Eastman said it expected the deal to boost its full-year 2010 earnings.

The transaction was also announced by Arsenal Capital Partners, a New York-based private equity firm which owns Genovique Specialties.

Eastman said the acquisition will establish the company as a global leader in non-phthalate plasticizers. Plasticizers or dispersants are additives that increase the plasticity or fluidity of a material such as plastics, cement and concrete.

Genovique Specialties, including its manufacturing operations in Chestertown, Md., Estonia, and a joint venture in Wuhan, China, will become part of Eastman's Performance Chemicals and Intermediates segment.