Eastman to acquire Genovique Specialties from Arsenal

17 March 2010 13:43  [Source: ICIS news]

TORONTO (ICIS news)--Eastman Chemical has signed a deal to buy Genovique Specialties from private equity firm Arsenal Capital Partners for an undisclosed sum, it said on Wednesday.

Illinois-based Genovique is described as a producer of non-phthalate plasticisers. It had revenues of about $135m (€185m) last year.

Genovique’s specialty plasticisers were based on benzoic acid for water-based adhesives, a new product line for Eastman, it said.

Eastman said that demand for non-phthalate plasticisers was expected to grow at a compounded annual rate of 7% over the next five years in North America and Europe.

Genovique has plants in Chestertown, Maryland, and in Estonia. It also has a joint venture in Wuhan, China.

Arsenal acquired Genovique in 2005. Genovique was rebranded from its former name of Velsicol Chemical in 2008.

($1 = €0.73)

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By: Stefan Baumgarten
+1 713 525 2653

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