Eastman Chemical Company on Wednesday said it has agreed to buy Taminco Corp., a global specialty chemical company, for $1.8 billion in cash.

As part of the deal, Kingsport, Tenn.-based Eastman would assume $1 billion in debt, for a total transaction value of $2.8 billion. Headquartered in Allentown, Pa., Taminco produces alkyl amines and alkyl amine derivatives that are used in a variety of products in agriculture, animal feeds and water treatment, as well as home and personal care.