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Kingsport, Tenn., USA, June 3, 2014 - (ACN Newswire) - Eastman Chemical Company (NYSE:EMN) today announced that it has completed the acquisition of BP's global aviation turbine oil business. The acquired business is expected to be accretive to 2014 earnings excluding acquisition-related costs and charges. The newly acquired business is part of Eastman's Specialty Fluids & Intermediates business segment.
"This acquisition brings a profitable and growing specialty chemical business to our portfolio that aligns very well with our existing aviation product offerings," said Mike Humby, vice president and general manager of Eastman's Specialty Fluids & Intermediates business segment. "Bringing our Skydrol team together with the experienced team from BP's turbine oil business will provide our customers around the world with an unparalleled level of service for their aviation needs going forward."
Forward-Looking Statements: This communication includes forward-looking statements concerning the benefits of the acquisition and projected financial and operating performance and results following completion of the acquisition. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in the company's filings with the Securities and Exchange Commission (the "SEC"), including the Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 that has been filed with the SEC. Filings made by Eastman are available when filed with the SEC on the Eastman web site at www.eastman.com in the Investors, SEC Information section.
Eastman is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in approximately 100 countries and had 2013 revenues of approximately $9.4 billion. The company is headquartered in Kingsport, Tennessee, USA and employs approximately 14,000 people around the world. For more information, visit www.eastman.com.
Contacts:
Media: Kristin Parker
+1-423-229-2526 / kristin@eastman.com
Investors: Greg Riddle
+1-212-835-1620 / griddle@eastman.com
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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eastman Chemical Company via Globenewswire
Topic: Merger & Acquisition
Source: Eastman Chemical Company
http://www.acnnewswire.com
From the Asia Corporate News Network
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