Eastman Chemical Co. has completed its acquisition of Solutia Inc. The approximately $4.8 billion acquisition supports Eastman's growth strategy to increase revenues by expanding the company's geographic reach.

"We are confident this acquisition strengthens our position as a top-tier specialty chemicals company and establishes a powerful combined platform with significant opportunities for organic growth," says Jim Rogers, chairman and CEO of Eastman. "We are committed to the successful integration of Solutia and look forward to delivering the projected growth and synergies from this combination."

With the acquisition, Eastman has made structural and reporting changes resulting in five reporting segments: Additives and Functional Products, Adhesives and Plasticizers, Advanced Materials, Fibers, and Specialty Fluids and Intermediates. This structure takes into consideration the strategies, operating models and sales channels that the various businesses employ to be leaders in their respective markets.

In conjunction with the realignment of its reporting segments, Eastman also announced the following changes in executive leadership responsibilities. Mark J. Costa, executive vice president, has responsibility for the Additives and Functional Products and Advanced Materials segments, and Ronald C. Lindsay, executive vice president, has responsibility for the Adhesives and Plasticizers, Fibers, and Specialty Fluids and Intermediates segments. Godefroy A. F. E. Motte is assuming responsibility for the company's global supply chain and procurement as senior vice president, integrated supply chain, chief regional and sustainability officer.