Eastman Chemical Company announces that it has completed the previously reported sale of its global tire additives business to an affiliate of One Rock Capital Partners, LLC.
Product Lines Included in Sale
The sale included the rubber additives (including Eastman's
Crystex™ insoluble sulfur and
Santoflex™ antidegradants) and other product lines and related assets and technology of the additives & functional products segment.
The total sale price of 800 million dollars consists of 725 million dollars cash and assumed liabilities at closing, subject to post-closing adjustments, and an additional amount of up to 75 million dollars to be paid based on performance of the rubber additives business through 2023.
Credit Suisse and J.P. Morgan served as financial advisors and Jones Day served as legal advisor to Eastman.
Eastman's Complete Product Range
Source: Eastman