Eastman to acquire Genovique Specialties

Eastman Chemical Co. has entered into a definitive agreement to acquire Genovique Specialties Corp., a leading global producer of specialty plasticizers, benzoic acid and sodium benzoate. The transaction is expected to be accretive to Eastman’s full-year 2010 earnings per share. Following the completion of the transaction, Genovique Specialties, including its manufacturing operations in Chestertown, MD, Kohtla-Järve, Estonia, and its joint venture in Wuhan, China, will become part of Eastman’s Performance Chemicals and Intermediates (PCI) segment. With 2009 revenues of approximately EUR 135 million, Genovique Specialties is a global producer of specialty non-phthalate plasticizers based on benzoic acid for water-based adhesives, a new product line for Eastman.