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Market: NYSE
Sector: Chemicals
Epic: EMN
News: Latest news
Web Site: Eastman Chemical Company
Other Articles: 17-03-2010 
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Eastman Chemical Company

Eastman Chemical Company

Eastman Chemical Company is a global chemical company engaged in the manufacture and sale of a portfolio of more than 1,200 chemicals, plastics and fibres products.

Wednesday, March 17, 2010

Arsenal Capital Partners sells chemicals business Genovique to Eastman

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Eastman Chemical Company (“Eastman”)(NYSE:EMN) has entered into an agreement to acquire Genovique Specialties from private equity group, Arsenal Capital Partners.


The Tennessee based chemical group’s acquisition of Genovique will allow it to take a significant slice of the global benzoate plasticizers market. Genovique produces benzoic acid, sodium benzoate and other specialty plasticizers used in adhesives, sealants, coatings and Polyvinyl chloride (PVC). The company has benzoate esters manufacturing capabilities in North America, Europe and Asia, which generate approximately US$135 million in annual revenues.


Arsenal Capital Partners acquired Genovique in 2005.


"We are very pleased with the support of Arsenal Capital who helped the Executive Team carry out the transformation of Genovique Specialties into a high growth, innovative, specialty chemicals company,” Ross McMillan, CEO of Genovique, said. “Arsenal's understanding of the chemical industry and their commitment to and support of my management team were instrumental in delivering the exceptional results the company has achieved over the last five years. We believe Eastman is an excellent choice to steward Genovique into the next phase of global development and growth."


Financial details of the transaction were not disclosed.

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