US chemical producer Eastman has completed its acquisition of compatriot Taminco for $2.8 billion in cash and assumed debt of an estimated $1 billion.

Eastman said the acquired assets should be accretive to earnings in 2015.

Stockholders of Taminco, a major producer of alklylamines and alkylamine derivatives, will receive $26 in cash for each of their Taminco common shares. The stock has been delisted from trading on the New York Stock Exchange.

Taminco's Specialty Amines and Crop Protection businesses will be operated as part of Eastman's Additives & Functional Products segment. Its Functional Amines business will be operated as part of the Tennessee-based chemical company's Specialty Fluids & Intermediates segment.

Mark Costa, Eastman's chairman and CEO, said: "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." He added that Eastman is "committed to successful integration of Taminco and looks forward to delivering the projected synergies of this transaction."