Eastman Completes Hercules Acquisition
KINGSPORT, Tenn.— Eastman Chemical Co. has announced that through its subsidiaries it has completed the asset acquisition of the hydrocarbon resins and select portions of the rosins resins business from Hercules Inc., Wilmington, Del. The purchase price was approximately $244 million.
Earnest W. Deavenport Jr., Eastman’s chairman and chief executive officer, said that based on 2000 results, the acquisition is expected to increase Eastman’s presence in the coatings, adhesives, specialty polymers and inks product lines to approximately US$2 billion in annual revenues. “The series of acquisitions we’ve completed over the past few years position us well as a leader in this industry,” Deavenport said.
For more information about the acquisition, see our in-depth story on page 30, or visit www.eastman.com.