One Rock Capital Partners to acquire Eastman Chemical's tyre additives business
An affiliate of One Rock Capital Partners is to acquire the tyre additives business of Eastman Chemical Company (Eastman).
Eastman’s tyre additives business is a global specialist in critical specialty chemicals for the tyre industry. The business develops, manufactures and sells insoluble sulfur, antidegradants and post-vulcanisation stabilisers that enable superior processing and performance results for tyre manufacturers. The business employs over 500 people globally at seven production sites and two technology centres.
Tony W. Lee, Managing Partner of One Rock, says: “Eastman’s tyre additives business is the global leader, known for high-performance, mission-critical products and technical leadership. We are excited to partner with the business’ highly experienced management team to further strengthen its unparalleled product portfolio and drive its growth as an independent company.”
“As we prepare for this new chapter, we are excited to work with One Rock, which has a proven track record of establishing former corporate subsidiaries as strong standalone businesses, and providing the support and resources needed to build on their success,” says Gunes Celik, Vice President and General Manager of the tire additives business. “One Rock’s reputation for innovation and quality across its portfolio aligns well with our strategic focus, capabilities and industry leadership position.”
R Scott Spielvogel, Managing Partner of One Rock, adds: “The business serves an impressive group of global blue-chip customers as a result of its unique technical and commercial service expertise. During the next stage of growth, we look forward to working closely with management to enhance the portfolio of product and service offerings.”
Completion of the transaction, which is expected in the second half of 2021, is subject to regulatory approvals and customary closing conditions.
Latham & Watkins LLP is acting as legal counsel and RBC Capital Markets, LLC is acting as financial advisor to One Rock.