Eastman Chemical Company has entered
into a definitive agreement with Taminco
Corporation under which Eastman
will acquire Taminco, a global specialty
chemical company. Under the terms of
the agreement, Taminco stockholders will
receive $26.00 in cash for each share of
Taminco common stock. The total transaction value is $2.8 billion, including net
assumed debt of $1 billion. The acquisition will be funded with available cash
and debt financing.
“The acquisition of Taminco demon-
strates Eastman’s continued commitment
to accelerating growth throughout the
company and around the globe,” said
Mark Costa, chairman and chief execu-
tive officer of Eastman. “As a specialty
chemical company with consistent earn-
ings growth and leading positions in at-
tractive niche end markets, Taminco is a
strong fit with Eastman’s strategic focus.
Taminco will add an attractive alkyl-
amines stream to our chemical portfolio.”
“We commend the management team
and employees of Taminco. Their innova-
tion-driven strategy has helped transform
Taminco into a leading specialty chemical
company as demonstrated by its strong,
consistent earnings growth over the past
eight years. We are confident that our
similar business models will allow for a
smooth and seamless integration,” added
Costa. “We look forward to welcoming
the Taminco employees to Eastman.”
The acquisition, which was approved
by the Boards of Directors of both com-
panies, is subject to certain conditions,
including a thirty day “go shop” period
in which Taminco may solicit alternative
acquisition proposals, required regula-
tory approvals and other customary clos-
ing conditions. The majority stockholder
of Taminco has agreed, subject to cer-
tain conditions, including the Taminco
Board’s continuing recommendation
of the transaction, to vote its shares of
Taminco’s common stock in favor of
the acquisition. As a result, no further
stockholder approvals will be required to
complete the acquisition. The transaction
is expected to close by year-end 2014.
Huntsman Completes
Acquisition Of Rockwood’s
Performance Additives And
Titanium Dioxide Businesses
Huntsman Corporation has complet-
ed the acquisition of the Performance
Additives and Titanium Dioxide (TiO2)
businesses of Rockwood Holdings, Inc.
“The successful completion of this acqui-
sition better positions our company,” said
Peter R. Huntsman, president and CEO of
Huntsman Corporation said. “It will be im-
mediately accretive to our earnings before
synergies of $130 million and provides fur-
ther optionality for our pigments business.
The addition of specialty titanium dioxide
and performance additives will broaden our
product offering and further enable our abil-
ity to build the most competitive and suc-
cessful pigments and additives business in
the world. The majority of earnings over
the past 12 months have come from their
specialty and niche TiO2 businesses, dem-
onstrating the diversity and breadth of the
business we are acquiring.”
“Our existing business continues to
perform very well,” he added. “We see
excellent growth for products such as our
MDI polyurethanes, amines and aero-
space composites and we have a num-
ber of projects underway that will fuel
this growth. With the addition of the
Rockwood businesses, we are well on our
way to achieving our EBITDA goal of $2
billion within the next couple of years.”
Huntsman paid approximately $1 billion in cash and assumed certain unfunded European pension liabilities.
Algol and Omya Form
JV to Distribute Calcium
Carbonate and Specialty
Chemicals in Russia
Algol and Omya have agreed to establish
a joint venture in Russia to strengthen
their activities in the Calcium Carbonate
and Specialty Chemicals distribution.
Omya Algol Rus will provide to custom-
ers and principals in polymers, paints and
coatings, food, personal care and agricul-
tural industries a one-stop-shop opportu-
nity as well as provide the customers with
high-value services.
Omya Algol Rus builds a strong platform for future growth in the large and
rapidly growing Russian market for
Specialty Chemicals and value added
Calcium Carbonate products. The aim is
to increase market share especially in polymers, paints and coatings, food, personal
care and agricultural segments and to offer
existing and new customers an extended
product portfolio and improved services.
Omya Algol Rus will offer its customers
a full range of local and imported Omya
products combined with a broad range of
Specialty Chemicals and experienced technical application support.
Omya Algol Rus will have sales offices
in Moscow, St. Petersburg, Yekaterinburg
and Rostov with further planned expansion of its sales network.
BASF, Cargill and
Novozymes Achieve
Milestone in Bio-Based
Acrylic Acid
BASF, Cargill and Novozymes have
achieved another milestone in their joint
development of technologies to produce
acrylic acid from renewable raw materials. The team has demonstrated the successful conversion of 3-hydroxypropionic
acid (3-HP), to glacial acrylic acid and
superabsorbent polymers. Moreover
they have selected the process for further
scale-up.
In August 2012, BASF, Cargill and
Novozymes announced their joint agreement to develop a process for the conversion of renewable raw materials into
bio-based acrylic acid. In July 2013, the
partners successfully demonstrated the
production of 3-hydroxypropionic acid
Eastman to Acquire Taminco
in $2.8 Billion Transaction
