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. It provides to end-markets such as transportation, building and construction, and consumables.
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 9all of which were previously part of Eastman’s Additives & Functional Products segment).
“Acquiring adhesive resins delivers on that ambition, giving us a leading position in the growing global adhesives market and extending our portfolio of differentiated products and sustainable solutions,” said Calum MacLean, Chief Executive of Synthomer. “It is a business that we have long admired, and I am confident that the combination of Synthomer and Adhesive Resins will drive meaningful value for all stakeholders in the years ahead.”
Synthomer is a global supplier of acrylic and vinyl emulsions polymers, speciality polymers, and Styrene-and Acrylonitrile-Butadiene latex. It provides to several market segments, including coatings, construction, technical textiles, paper and synthetic latex gloves.
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.