KINGSPORT, Tenn., Jan. 27 (UPI) -- Eastman Chemical Co. said it had reached a $4.7 billion agreement to buy Solutia Inc. to help it expand quickly into the Asia Pacific market.
"The acquisition of Solutia is a significant step in our growth strategy, and one I am confident will strengthen Eastman as a top-tier specialty chemical company with strong, stable margins," said Jim Rogers, Eastman's chairman and chief executive officer.
Eastman Chemical had sales of $7.2 billion in 2011.
The Kingsport, Tenn., company, which broke away from Eastman Kodak in 1994, employs 10,000 workers around the world.
Solutia, based in St. Louis, employs 3,400 workers in 50 locations worldwide.