Eastman Chemical Company announced the completion of its acquisition of Taminco Corporation, a global specialty chemical company, for a total of $2.8 billion in cash and assumed debt. The acquired Taminco businesses are expected to be accretive to 2015 earnings per share by greater than $0.35, excluding acquisition-related costs and charges, and to 2016 earnings per share by greater than $0.60.
“We are pleased to complete this transaction and welcome Taminco employees to the global Eastman team,” said Mark Costa, chairman and CEO. “Taminco’s world-class alkylamine technology platform and strong presence in attractive niche end markets will further strengthen our position as a leading specialty chemical company. We are committed to successful integration of Taminco and look forward to delivering the projected synergies of this transaction.”
Taminco’s former Specialty Amines and Crop Protection businesses will be operated as part of the Additives & Functional Products segment and its former Functional Amines business will be operated as part of the Specialty Fluids & Intermediates segment. Taminco stockholders are entitled to receive $26.00 in cash for each share of Taminco common stock. Taminco’s common stock has been delisted from trading on the New York Stock Exchange.
