02 July 2012 16:57 [Source: ICIS news]
HOUSTON (ICIS)--US Eastman Chemical has completed its $4.8bn (€3.8bn) acquisition of Solutia, the company said on Monday.
Eastman said it expects the acquisition to be immediately accretive to earnings, excluding acquisition-related costs and charges.
As a result, Solutia will cease trading on the New York Stock Exchange at the close of the market on Monday.
Eastman said the acquisition supports the company’s growth strategy to “increase revenues and profit margins by expanding the company’s geographic reach, especially in emerging markets, and establishing a more diverse and sustainable product portfolio”.
($1 = €0.79)
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