NEW YORK, June 9, 2021 /PRNewswire/ -- One Rock
Capital Partners, LLC ("One Rock")
today announced that one of its affiliates has entered into an
agreement to acquire the tire additives business of Eastman
Chemical Company ("Eastman"; NYSE: EMN).
Eastman's tire additives business is a global leader in critical
specialty chemicals for the tire industry with an unmatched asset
footprint and superior technical services. The business develops,
manufactures and sells insoluble sulfur, antidegradants and
post-vulcanization stabilizers that enable superior processing and
performance results for tire manufacturers. 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."
"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," said 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, 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.
About One Rock Capital Partners, LLC
One Rock makes controlling
investments in companies with potential for growth and operational
improvement using a rigorous approach that utilizes highly
experienced Operating Partners to identify, acquire and enhance
businesses in select industries. The involvement of these Operating
Partners affords One Rock the
ability to conduct due diligence and consummate acquisitions and
investments in all types of situations, regardless of complexity.
One Rock works collaboratively with
company management and its Operating Partners to develop a
comprehensive business plan focused on growing the enterprise and
its profitability to enhance long-term value. For more information,
visit www.onerockcapital.com.
About 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 14,500 people
around the world and serves customers in more than 100 countries.
The company had 2020 revenues of approximately $8.5 billion and is headquartered in Kingsport, Tennessee, USA. For more
information, visit www.eastman.com.
Media Contacts
Alex Jeffrey/Sam Fisher
Gasthalter & Co.
(212) 257-4170
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SOURCE One Rock Capital Partners, LLC