Eastman to acquire Commonwealth Laminating & Coating, Inc.

Eastman Chemical Company has entered into a definitive agreement to acquire Commonwealth Laminating & Coating, Inc. The company, which had 2013 sales revenue of approximately $100 million, is an independent manufacturer and global marketer and distributor of window films and specialty films for automotive, architectural, and protective applications. The acquisition will include Commonwealth’s manufacturing facility and master distribution center in Martinsville, VA, and nine sales distribution centers that serve the global market. 

With Commonwealth, Eastman will be able to extend its performance films global offerings for solar control window film and protective film applications. The addition of Commonwealth’s expertise, paint protection technology, brand and channels, and experienced workforce, can further Eastman’s growth in its performance films products. Subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions, the acquisition is expected to be completed in the second half of 2014. Terms of the transaction were not disclosed. 

Following the completion of the transaction, the acquired business will become part of Eastman's Advanced Materials segment. J.P. Morgan is acting as exclusive financial advisor and Jones Day is serving as legal counsel for Eastman on this transaction.