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Kingsport, Tenn., USA, Dec 12, 2014 - (ACN Newswire) - Eastman Chemical Company (NYSE:EMN) today announced that it has completed the acquisition of Commonwealth Laminating & Coating, Inc. The acquired business is part of Eastman's Advanced Materials business segment, and is expected to be accretive to 2015 earnings excluding acquisition-related costs and charges.
"This acquisition will help us better serve the broad and diverse customer base for window and protective films while supporting expansion of our product offerings and the use of window films," said Brad Lich, executive vice president. "We're also very excited about adding the SunTek(R) brand to our performance films products portfolio."
The addition of Commonwealth's expertise, paint protection technology, brand and sales channels, and experienced workforce is expected to support growth of our performance films products.
"Eastman is committed to providing continued superior products, service, and support to customers worldwide as we integrate these two businesses," said Travis Smith, vice president and general manager, performance films. "We're excited to bring Commonwealth employees together with our world-class global performance films team to benefit customers and support our growth," Smith said.
Commonwealth had 2013 sales revenue of approximately $100 million. The acquisition includes Commonwealth's manufacturing facility and master distribution center in Martinsville, Va., and nine sales distribution centers that serve the global market.
Forward-Looking Statements:
This release includes forward-looking statements concerning current expectations regarding the benefits of the acquisition of Commonwealth Laminating & Coating, Inc. and projected financial and operating performance and results following completion of the acquisition. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in the company's filings with the Securities and Exchange Commission (the "SEC"), including the Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 that has been filed with the SEC. Filings made by Eastman are available when filed with the SEC on the Eastman web site at www.eastman.com in the Investors, SEC Information section.
Eastman is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in approximately 100 countries and had 2013 revenues of approximately $9.4 billion. The company is headquartered in Kingsport, Tennessee, USA and employs approximately 14,000 people around the world. For more information, visit www.eastman.com.
Contacts:
Media: Brad Belote
+1-423-229-8801 / jbelote@eastman.com
Investors: Greg Riddle
+1-212-835-1620 / griddle@eastman.com
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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eastman Chemical Company via Globenewswire
Topic: Press release summary
Source: Eastman Chemical Company
https://www.acnnewswire.com
From the Asia Corporate News Network
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