Eastman Completes Acquisition of Czech Chemical Company

Eastman Chemical Company announced its acquisition, through its subsidiary Eastman Chemical The Hague B.V., of 76 percent of the shares of Chemicke Zavody Sokolov, a chemical company located in the Czech Republic. Terms of the agreement were not disclosed.

With this acquisition, Eastman aims to strengthen its market and technological position in the coatings, adhesives and specialty polymers businesses and the performance chemicals and intermediates businesses, which are two of the core activities within the chemical business of Eastman Chemical Company.

"We are extremely pleased by the talent, complementary technology and excellent manufacturing and engineering capabilities we've already seen in the Sokolov organization," said Francois T. Vleugels, president, Eastman Chemical, Europe, Middle East and Africa region. "This acquisition will contribute significantly to our ability to discover, expand and develop new product portfolios and platforms."

Eastman expects to increase its ownership interest by conducting a public tender offer process for the outstanding shares of the remaining stockholders. "With the purchase of 76 percent of the shares completed, we can now turn our attention to completing the acquisition and combining the strengths of Chemicke Zavody Sokolov with the marketing, sales and management skills of Eastman," said Terry B. Scott, newly appointed transition manager for Sokolov.

Edited by Anndrea Vorobej