One Rock Capital Partners To Acquire Eastman Chemical's Tire Additives Business
One Rock Capital Partners has entered into an agreement to acquire the tire additives business of Eastman Chemical Company.
Eastman’s tire additives business develops, manufactures and sells insoluble sulfur, antidegradants and post-vulcanization stabilizers. The business employs over 500 people globally at seven production sites and two technology centers.
Tony W. Lee, Managing Partner of One Rock, said, “Eastman’s tire 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.”
R. Scott Spielvogel, Managing Partner of One Rock, added, “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.
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