Eastman Chemical and Lawter International announced an agreement under which Eastman will acquire Lawter for approximately $500 million in cash and debt.

KINGSPORT, TN — Eastman Chemical Co. and Lawter International Inc. announced an agreement under which Eastman will acquire Lawter for approximately $500 million in cash and debt. Lawter’s board of directors has approved the merger agreement and recommended that stockholders tender their shares.

Lawter, based in Pleasant Prairie, WI, is a manufacturer of specialty products for the ink and coatings markets. The company, with approximately 600 employees, reported sales of $213 million (U.S.) in 1998.