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KINGSPORT, Tenn. (AP) -- Eastman Chemical Co. is acquiring Solutia Inc., a specialty chemicals business, for approximately $4.7 billion.

Eastman, based in Kingsport, Tenn., and Solutia, based in St. Louis, announced the agreement Friday.

Jim Rogers, chairman and CEO of Eastman, said the acquisition will broaden the company reach into emerging areas, particularly Asia Pacific.

Jeffry N. Quinn, chairman, president and CEO of Solutia, said the move will help its business grow worldwide.

Eastman employs approximately 10,000 people around the world. Solutia also operates globally with approximately 3,400 employees.

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