Eastman to acquire Solutia

Eastman Chemical Co. and Solutia Inc. announced, Jan. 27, that they have entered into a definitive agreement, under which Eastman will acquire Solutia, according to a BusinessWire release.

“The acquisition of Solutia is a significant step in our growth strategy and one that I am confident will strengthen Eastman as a top-tier specialty chemical company with strong, stable margins,” said Jim Rogers, chairman and CEO of Eastman, in the release. “The addition of Solutia will broaden our geographic reach into emerging geographies, particularly Asia Pacific, establish a powerful combined platform with extensive organic growth opportunities, and expand our portfolio of sustainable products, all of which are consistent with our growth strategy. “

“This complimentary transaction will accelerate the growth of our businesses around the world. The shared commitment to innovation, quality and technical service will allow us to better serve our customers and creates opportunity for our employees around the globe,” said Jeffry Quinn, chairman, president and CEO of Solutia, in the release.