Eastman Will Buy Amines Maker Taminco | Chemical & Engineering News
Volume 92 Issue 37 | p. 18 | Concentrates
Issue Date: September 15, 2014

Eastman Will Buy Amines Maker Taminco

Department: Business
Keywords: deal arbitrage, amines, mergers and acquisitions

Eastman Chemical has agreed to purchase the amines maker Taminco for $2.8 billion, including $1.0 billion in debt. Taminco calls itself the world’s largest producer of alkylamines and their derivatives. The firm was cobbled together over the past decade through the purchase of amines businesses from Air Products & Chemicals, AkzoNobel, UCB, and Arkema. In 2013, it posted $1.2 billion in sales. Eastman says adding alkylamines will boost its presence in specialty chemicals, particularly in the food, feed, and agricultural segments. Eastman’s offer of $26.00 per share represents a premium of about 9% over Taminco’s closing price the day before the transaction was unveiled. Taminco has 30 days during which it can entertain other offers. In early trading after the deal was announced, Taminco’s shares were being sold for more than $26.00, an indication that its shareholders may hold out for more money.

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