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.
Eastman Completes Acquisition of Solutia
September 24, 2012