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Old 01-28-2012, 07:38 AM
 
Location: Kingsport, TN
1,697 posts, read 6,170,404 times
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Eastman Chemical Co., the biggest U.S. producer of chemicals from coal, agreed to buy Solutia Inc. for about $3.38 billion to expand in materials for tires and in films used to make windshields and iPads.
Eastman to Buy Solutia for $3.38 Billion to Boost Asia Sales - BusinessWeek

Solutia makes specialty films and chemicals for the automotive and architectural industries, and employs 3,400 people worldwide, including 450 locally. With $2.1 billion in revenue last year, Solutia is one of the largest public companies based in the St. Louis region.
Solutia's global business drew interest of Eastman Chemical

“When Eastman grows as a global company, obviously we’re going to have operations around the world. But don’t forget — this is our headquarters. We run a centralized operation, and to the extent we get larger and have more assets to run, no matter where they are in the world, we need more and more capabilities here in Kingsport. So over time, you would expect our head count to increase, and it will increase in the professional ranks, and that’s good for Kingsport,” Rogers said.
Eastman to buy Solutia Inc. for $4.7 billion- Kingsport Times-News

Eastman is doing very well financially: Eastman Chemical Co. on Thursday posted strong sales and earnings for the fourth quarter and full year 2011, including the best full year earnings per share in the company’s history. The Kingsport-based company reported net earnings of $696 million for 2011...
Eastman posts record earnings per share in 2011- Kingsport Times-News
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Old 01-28-2012, 01:49 PM
 
6,631 posts, read 7,617,277 times
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This announcement came on top of an earnings shortfall announced Thursday after the markets closed, indicating that EMN had to expand through acquisition, or face earnings problems in their existing businesses. It's supposedly an accretive deal, which helped to pull the stock from an otherwise likely sell off on Friday. Good news all around.
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Old 01-29-2012, 12:43 PM
 
982 posts, read 1,460,802 times
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Excellent news, especially for someone in my line of work.
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