Eastman acquires Genovique Specialties

Eastman Chemical Company announced yesterday the definitive agreement to acquire Genovique Specialties, producer of specialty plasticizers, benzoic acid, and sodium benzoate. The acquisition will increase Eastman share in the markets of non-phthalate plasticizers for both general and specialty purposes. Terms of the transaction have not been disclosed. Following this transaction, Genovique Specialties will become part of Eastman's Performance Chemicals and Intermediates segment. Eastman estimates the world-wide plasticizer market at 9 billion dollars; according to the company's expectations, regulatory changes and shifting consumer preferences should even increase the demand for non-phthalate solutions at an annual rate of 7% in the next five years in North America and Europe. Moreover, demand seems to be increasing in emerging markets for products manufactured for export to developed countries, where regulations favor the use of non-phthalate plasticizers.