KINGSPORT, Tenn.—Eastman Chemical Co. has made a downstream move by acquiring Matrix Films L.L.C. for an undisclosed price.
Holliston, Mass.-based Matrix markets PremiumShield-brand performance films, including an extended line of automotive film patterns.
In a Sept. 13 news release, officials with Eastman in Kingsport, Tenn., said the acquisition will expand the firm's paint protection film pattern development capabilities, pattern database and installation training expertise.
They added the deal also will complement Eastman's automotive dealer base in North America, Europe and the Middle East to drive growth in paint protection films and window films.
"The combination of PremiumShield's experienced team and extensive pattern database creates great growth synergies and will further establish Eastman as an industry leader in performance films," said Erin Bernhardt, general manager of the Performance Films business of Eastman's Advanced Materials segment.
Matrix's PremiumShield films are based on aliphatic urethanes. The 20-employee firm uses contract manufacturing for production, so no manufacturing assets are included in the sale.
The Matrix deal, expected to close later this year, continues a busy 2021 for Eastman.
In January, the firm announced plans to build what officials said will be one of the world's largest plastics-to-plastics chemical recycling facilities, which Eastman calls molecular recycling. Mechanical completion of the plant in Kingsport is expected to be done by the end of 2022.
In June, Eastman announced a project with German technology firm SAP SE that would allow certified recycled content to be traced across the value chain.
Eastman makes Tritan-brand copolyester, as well as other specialty plastics and chemicals. The firm employs 14,500 worldwide and posted sales of $8.5 billion in 2020.