Eastman Chemical Company today announced that it has completed the acquisition of Commonwealth Laminating & Coating, Inc. The acquired business is part of Eastman’s Advanced Materials business segment, and is expected to be accretive to 2015 earnings excluding acquisition-related costs and charges.
“This acquisition will help us better serve the broad and diverse customer base for window and protective films while supporting expansion of our product offerings and the use of window films,” said Brad Lich, executive vice president. “We’re also very excited about adding the SunTek® brand to our performance films products portfolio.”
The addition of Commonwealth’s expertise, paint protection technology, brand and sales channels, and experienced workforce is expected to support growth of our performance films products.
“Eastman is committed to providing continued superior products, service, and support to customers worldwide as we integrate these two businesses,” said Travis Smith, vice president and general manager, performance films. “We’re excited to bring Commonwealth employees together with our world-class global performance films team to benefit customers and support our growth ,” Smith said.
Commonwealth had 2013 sales revenue of approximately $100 million. The acquisition includes Commonwealth’s manufacturing facility and master distribution center in Martinsville, Va., and nine sales distribution centers that serve the global market.
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.