Eastman buys window film maker Commonwealth

By Frank Esposito
Senior Staff Reporter

Published: March 14, 2014 1:06 pm ET
Updated: March 14, 2014 1:10 pm ET

Related to this story

Topics Mergers & Acquisitions, Automotive, Windows & doors, Film & Sheet, Materials Suppliers
Companies & Associations Eastman Chemical Co.

Eastman Chemical Co. has acquired window film maker Commonwealth Laminating & Coating Inc. for an undisclosed price.

The deal includes Commonwealth’s manufacturing plant and headquarters in Martinsville, Va., as well as nine sales distribution centers. The firm employs about 240 and has annual sales of about $100 million in window films and specialty films for automotive, architectural and protective uses, including solar protection.

Commonwealth had been a customer of Eastman’s “in a limited manner,” according to Kingsport, Tenn.-based Eastman. Eastman Executive Vice President Brad Lich said the deal “extends our performance films global offerings for solar control window film and protective film applications.”

Commonwealth President and CEO Steve Phillips said he was confident that Eastman is the right partner, because the company “values the SunTek [film] brand, the experience and dedication of our global workforce, our innovative products and technology, and our diverse and loyal customer base.”

Eastman is buying Commonwealth from private equity firms Transportation Resource Partners of Bloomfield Hills, Mich., and Fenway Partners LLC of New York. Commonwealth had been majority-owned by private equity firm Riverside Co. of Cleveland from 2006-2010.

The deal is Eastman’s second film-related transaction in less than three years. In 2012, the firm bought a window and performance film plant in Henry County, Va.

Late last year, Eastman officials said they would invest $40 million to upgrade that plant, which makes window films for automotive and architectural markets.

Eastman also operates a film plant in Dresden, Germany.

When the transaction closes later this year, Eastman will run Commonwealth as part of its Advanced Materials unit, which includes Tritan-brand copolyester. Eastman makes a wide range of specialty chemical products. The firm employs 14,000 worldwide and posted sales of $9.4 billion in 2013.


Comments

Eastman buys window film maker Commonwealth

By Frank Esposito
Senior Staff Reporter

Published: March 14, 2014 1:06 pm ET
Updated: March 14, 2014 1:10 pm ET

Post Your Comments


Back to story


More stories

Image

Deal puts Convergence Packaging under Comar's umbrella

October 24, 2014 2:00 pm ET

Convergence Packaging Holdings LLC, itself a product of mergers, now is joining together with Comar LLC.    More

Image

Akro-Plastic buying German subsidiary from Metabolix

October 24, 2014 3:32 pm ET

Akro-Plastic GmbH, a Niederzissen, Germany-based plastic compounder, has purchased the assets of Metabolix Inc.'s subsidiary in Germany.    More

Image

SRG opens second China auto parts factory

October 24, 2014 11:25 am ET

U.S. automotive supplier SRG Global Inc. said Oct. 23 it is opening its second plant in China, an injection molding, plating and painting facility in ...    More

Image

BASF pre-tax earnings rise, but will miss financial targets for 2015

October 24, 2014 10:16 am ET

BASF SE has raised its expectations for pre-tax earnings in 2014 but warned that it would not hit its financial targets for next year.    More

Image

Sabic, Shell cancel expansion for SADAF joint venture in Saudi Arabia

October 24, 2014 9:19 am ET

Saudi Basic Industries Corp. and Royal Dutch Shell have cancelled plans to expand an existing petrochemical joint venture in Saudi Arabia following fe...    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events