Eastman acquires plasticizer supplier Genovique Specialties
Chemical supplier Eastman Chemical Company is acquiring Genovique Specialties Corporation, a global producer o...
Chemical supplier Eastman Chemical Company is acquiring Genovique Specialties Corporation, a global producer of specialty plasticizers. The terms of the transaction have not been disclosed.
“Genovique Specialties is a strategic addition that will allow us to grow our attractive plasticizer product lines,” said Ron Lindsay, Eastman’s executive vice president, performance polymers and chemical intermediates. “With Genovique, we will be better able to meet our customers’ demands for non-phthalates while also expanding Eastman’s presence in a high-growth, high-margin segment of the plasticizer market.”
Following the completion of the transaction, Genovique Specialties, including its manufacturing operations in Chestertown, Md., Kohtla-Järve, Estonia, and its joint venture in Wuhan, China, will become part of Eastman’s Performance Chemicals and Intermediates (PCI) segment.
With 2009 revenues of approximately US$135 million, Rosemont, Ill.-based Genovique Specialties is a global producer of specialty non-phthalate plasticizers based on benzoic acid for water based adhesives, a new product line for Eastman.
One of North America’s largest PET makers, Kingsport, Tenn.-based Eastman posted 2009 sales of US$5 billion.