Eastman Chemical announced that it has entered into a definitive agreement to acquire Commonwealth Laminating & Coating. The company, which had 2013 sales revenue of approximately $100M, is an independent manufacturer and global marketer and distributor of window films and specialty films for automotive, architectural, and protective applications. The acquisition will include Commonwealth's manufacturing facility and master distribution center in Martinsville, VA, and nine sales distribution centers that serve the global market. With the addition of Commonwealth's expertise, paint protection technology, brand and channels, and experienced workforce, Eastman expects continued growth in its performance films products. Subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions, the acquisition is expected to be completed in the second half of 2014. Terms of the transaction were not disclosed. The acquired business is expected to be accretive to the first full- year of earnings post-acquisition, excluding acquisition-related costs and charges. Following the completion of the transaction, the acquired business will become part of Eastman's Advanced Materials segment.
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- Eastman Chemical