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Press Release
MeadWestvaco Corp. Release date: February 15, 2008
MeadWestvaco Specialty Chemicals to Expand Performance Chemicals Business Company to Acquire Pine Chemicals Product Lines from Eastman Chemical Company
CHARLESTON, SC, February 15, 2008 - MeadWestvaco Corporation (NYSE: MWV) Specialty Chemicals Division today announced the signing of a definitive agreement to acquire Eastman Chemical Company's (NYSE: EMN) pine chemicals product lines. The acquisition of Eastman's tall oil rosins and tall oil fatty acids product lines, which are used in the production of paper chemicals, ink resins, paints, coatings, building materials and other pine chemicals applications, will expand MeadWestvaco's Specialty Chemicals' Performance Chemicals business.
This transaction, expected to close by the end of February 2008, will result in MeadWestvaco acquiring all intellectual property and technology associated with Pamite® tall oil rosins and Pamak® tall oil fatty acids now manufactured at Eastman's Franklin, Virginia, plant. MeadWestvaco will transition production to its Specialty Chemicals plants in DeRidder, Louisiana, and Charleston, South Carolina. Eastman will continue to own, operate and sell the Pamolyn® product line manufactured in Franklin, Virginia.
"This acquisition underscores our commitment to achieving sustainable, profitable growth in Specialty Chemicals," said Ed Rose, vice president, MeadWestvaco Specialty Chemicals Performance Chemicals. "The integration of the Pamite and Pamak technologies into our world-class refineries will allow us to continue to enhance our manufacturing efficiency and provide unparalleled value and innovation to our customers."
"This signing marks another important step in our plan to maximize stockholder value and will result in a better alignment of Eastman's resources with our strategy," said Jim Rogers, president of Eastman Chemical Company and head of the chemicals and fibers business group. The pine chemicals product lines were previously reported in Eastman's coatings, adhesives, specialty polymers and inks (CASPI) segment.
About MeadWestvaco MeadWestvaco Corporation (NYSE: MWV) provides packaging solutions to many of the world's most-admired brands in the food and beverage, media and entertainment, personal care, home and garden, cosmetics, and healthcare industries. The company has market-leading positions in its Consumer & Office Products and Specialty Chemicals businesses, and operates in more than 30 countries. MeadWestvaco manages all of its forestlands in accordance with internationally recognized forest certification standards, and has been named to the Dow Jones Sustainability Index for the third consecutive year. For more information, please visit us at www.meadwestvaco.com.
About Eastman Chemical Company Eastman manufactures and markets chemicals, fibers and plastics worldwide. It provides key differentiated coatings, adhesives and specialty plastics products; is a major supplier of cellulose acetate fibers; and produces PET polymers for packaging. As a Responsible Care® company, Eastman is committed to achieving the highest standards of health, safety, environmental and security performance. Founded in 1920 and headquartered in Kingsport, Tenn., Eastman is a FORTUNE 500 company with 2007 sales of $6.8 billion and approximately 11,000 employees. For more information about Eastman and its products, visit www.eastman.com.
Jennifer I. McMahon Communications Coordinator MeadWestvaco Corporation 11013 W. Broad Street, Glen Allen, VA 23060 tel 804-327-7925 cel 804-338-2637 fax 804-327-8163 jim1@meadwestvaco.com |
