Eastman Completes Acquisition of Commonwealth Laminating & Coating
(Thomson Reuters ONE) -
KINGSPORT, Tenn., December 11, 2014 - Eastman Chemical Company (NYSE:EMN) today
announced that it has completed the acquisition of Commonwealth Laminating &
Coating, Inc. The acquired business is part of Eastman's Advanced Materials
business segment, and is expected to be accretive to 2015 earnings excluding
acquisition-related costs and charges.
"This acquisition will help us better serve the broad and diverse customer base
for window and protective films while supporting expansion of our product
offerings and the use of window films," said Brad Lich, executive vice
president. "We're also very excited about adding the SunTek(®) brand to our
performance films products portfolio."
The addition of Commonwealth's expertise, paint protection technology, brand and
sales channels, and experienced workforce is expected to support growth of our
performance films products.
"Eastman is committed to providing continued superior products, service, and
support to customers worldwide as we integrate these two businesses," said
Travis Smith, vice president and general manager, performance films. "We're
excited to bring Commonwealth employees together with our world-class global
performance films team to benefit customers and support our growth ," Smith
said.
Commonwealth had 2013 sales revenue of approximately $100 million. The
acquisition includes Commonwealth's manufacturing facility and master
distribution center in Martinsville, Va., and nine sales distribution centers
that serve the global market.
Forward-Looking Statements: This release includes forward-looking
statements concerning current expectations regarding the benefits of the
acquisition of Commonwealth Laminating & Coating, Inc. and projected financial
and operating performance and results following completion of the acquisition.
Such expectations are based upon certain preliminary information, internal
estimates, and management assumptions, expectations, and plans, and are subject
to a number of risks and uncertainties inherent in projecting future conditions,
events, and results. Actual results could differ materially from expectations
expressed in the forward-looking statements if one or more of the underlying
assumptions or expectations prove to be inaccurate or are unrealized. Important
factors that could cause actual results to differ materially from such
expectations are and will be detailed in the company's filings with the
Securities and Exchange Commission ( the "SEC"), including the Quarterly Report
on Form 10-Q for the quarter ended September 30, 2014 that has been filed with
the SEC. Filings made by Eastman are available when filed with the SEC on the
Eastman web site at www.eastman.com in the Investors, SEC Information section.
Eastman is a global specialty chemical company that produces a broad range of
products found in items people use every day. With a portfolio of specialty
businesses, Eastman works with customers to deliver innovative products and
solutions while maintaining a commitment to safety and sustainability. Its
market-driven approaches take advantage of world-class technology platforms and
leading positions in attractive end-markets such as transportation, building and
construction and consumables. Eastman focuses on creating consistent, superior
value for all stakeholders. As a globally diverse company, Eastman serves
customers in approximately 100 countries and had 2013 revenues of approximately
$9.4 billion. The company is headquartered in Kingsport, Tennessee, USA and
employs approximately 14,000 people around the world. For more information,
visit www.eastman.com.
# # #
Contacts:
Media: Brad Belote
423-229-8801 / jbelote(at)eastman.com
Investors: Greg Riddle
212-835-1620 / griddle(at)eastman.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eastman Chemical Company via GlobeNewswire
[HUG#1879028]
Unternehmensinformation / Kurzprofil:
Datum: 11.12.2014 - 14:13 Uhr
Sprache: Deutsch
News-ID 358890
Anzahl Zeichen: 4803
contact information:
Town:
Kingsport
Kategorie:
Business News
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"Eastman Completes Acquisition of Commonwealth Laminating & Coating"
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