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|Subject: Eastman Chemicals buys Solutia||Date: 1/27/2012 11:57 AM|
|Author: pauleckler||Number: 745 of 763|
I suppose this is fitting. Eastman Chemicals is the chemicals manufacturing division spun off from Eastman Kodak some years ago; Solutia is the commodities chemicals division of Monsanto spun off as Monsanto transitioned to a drug company--now mostly part of Pfizer (after Nutrasweet and Celebrex), with the present day Monsanto the ag division of the old Monsanto.
Solutia was probably an acquisition target from the beginning, but they had major environmental problems at Anniston, AL that needed to be resolved first. That problem took them through bankruptcy to resolve, but they emerged about two years ago.
Heavy reliance on films like safety glass inner layer and the architectural films used in window tinting and for decoration seemed to result after various other chemical operations were spun off (ie phosphates JV). The stock did well for a while, but then tanked as the recovery faltered last year.
I sold mine as for tax losses last month. Darn!! The recent recovery before this news makes you think others were doing likewise.
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