Eastman Chemical Company (NYSE:EMN) announced that it and certain of its subsidiaries have completed the previously reported sale of its adhesives resins business to Synthomer plc. The sale included the hydrocarbon resins (including Eastman Impera tire resins), pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid based resins product lines, all of which were previously part of Eastman's Additives & Functional Products segment.
The total sale price of $1 billion was paid in cash. J.P. Morgan Securities LLC served as exclusive financial advisor and Jones Day served as legal advisor to Eastman.
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company's innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end-markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,000 people around the world and serves customers in more than 100 countries. The company had 2021 revenues of approximately $10.5 billion and is headquartered in Kingsport, Tennessee, USA.