Eastman Chemical Co. agreed to acquire peer specialty-chemicals maker Solutia Inc. in a cash and stock deal valued at about $3.38 billion, a purchase it said will extend its global presence and stabilize margins.

For each Solutia shares, stockholders will receive $22 in cash and 0.12 of an Eastman common share. Based on Eastman's $47.12 Thursday (1/26/12) close, the per-share offer of $27.65 marks a 42% premium to Solutia's Thursday close.

In consideration of the potential purchase, Eastman said it now expects full-year earnings of about $5 a share, excluding acquisition-related costs. The company had previously seen a full-year profit above the $4.56 recorded a year earlier.

The company said it has also identified about $100 million of annual cost savings it expects to be achieve by the end of 2013 through the reduction of corporate costs, raw material synergies, and improved manufacturing and supply chain processes.

The transaction, which was approved by the boards of both companies, remains subject to approval by Solutia's shareholders and regulatory approval.

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