Eastman Chemical Company announced that its wholly owned subsidiary Taminco BVBA has reached an agreement to acquire the 50 percent of shares of Te An Ling Tian Fine Chemical Co., Ltd. (TALT), its joint venture with Mitsubishi Gas Chemical Company, Inc. and other Japanese investors, that it does not currently own.
Headquartered in Nanjing, China, TALT is a manufacturer of amines and specialty derivatives, including solvents and alklylalkanolamines. Its products will expand the Care Chemicals and Energy businesses of Eastman’s Additives & Functional Products segment.
“This acquisition demonstrates our commitment to the growing markets of home and personal care, water treatment, and energy, in Asia and our global customers. We believe 100 percent ownership of TALT will allow us to work more closely with customers by leveraging our global presence and regional footprint to further innovate and differentiate in these markets,” said Christian Derbez, regional business director, Asia, Additives & Functional Products.
“Being located in Nanjing allows us to further expand our amines integration model and platform for future growth and investments in the Asia region.”
The acquisition is expected to close in the first quarter 2017. Terms of the transaction were not disclosed.