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Sinochem News News on November 1, Eastman announced that the company and its subsidiaries have reached a definitive agreement with Synthomer plc to put its adhesive resin assets and business at a total cash price of US$1 billion.
For sale
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The transaction includes hydrocarbon resins (including Eastman Impera tire resins), pure monomer resins, polyolefin polymers, rosin resins and dispersions, as well as oleochemical and fatty acid-based resin product lines
It is reported that the total price of the transaction is equivalent to 11 times the adjusted EBITDA (EBITDA) of the adhesive resin business in the past 12 months.
The final transaction price is affected by the working capital and other adjustment factors when the transaction is completed.
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The company expects that by 2022, this transaction will have a neutral impact on adjusted earnings per share
Eastman Chairman and Chief Executive Officer Mark Costa said: "This transaction is the same as the previous divestiture of the tire additives business.
It aims to improve the performance of our additives and functional materials business
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We are very pleased to reach this agreement.
Calum MacLean, CEO of Xitema, said: "In addition to diversifying the company’s business portfolio, end markets and geographies with our acquisition strategy, we also look forward to bringing a new and advanced level to Xitema’s global business portfolio.
Complementary growth opportunities
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The acquisition of Eastman's adhesive resin business helped us achieve this goal, placing us in a leading position in the growing global adhesives market, and expanding our differentiated product and sustainable solutions portfolio
