Eastman buying specialty chemical company Taminco for $1.7 billion

Eastman Chemical Co. is buying specialty chemical company Taminco for approximately US$1.73 billion.

Kingsport, Tenn.-based Eastman Chemical said in a statement that the acquisition will strengthen Eastman Chemical’s presence in markets such as food, feed and agriculture, while also adding a technology platform in alkylamines to its chemical portfolio.

Laurent Lenoir, CEO of Allentown, Pa.-based Taminco, said in a statement that the acquisition will give the company more resources to put toward its long-term strategy of expanding in key markets and will help to expand into new product lines.

Both companies’ boards have approved the deal, which is expected to close in the fourth quarter. It still needs approval from a majority of Taminco’s shareholders.