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Eastman to sell portions of CASPI

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

Eastman Chemical Company and Apollo Management, L.P., a private investment firm, have signed an agreement for Apollo to acquire certain businesses and product lines in Eastman’s coatings, adhesives, specialty polymers and inks (CASPI) segment. The acquisition, with a purchase price of $215 million, includes cash of $165 million at closing, plus a $50 million note payable to Eastman.
The following Eastman businesses and product lines are included in the deal: acrylate ester monomers, composites (unsaturated polyester resins), inks and graphics arts raw materials, liquid resins, powder resins and textile chemicals. Manufacturing sites to be divested include: Pleasant Prairie, WI; LaVergne, TN; Carpentersville, IL; Roebuck, SC; Lynwood, CA; Columbus and Forest Park, GA; Ennis, TX; Kallo, Belgium; Sant’ Albano and Cola di Lazise, Italy; Molndal, Sweden; Hamburg, Germany; Sokolow, Czech Republic; and Tianjin, Nanping and Funing, People’s Republic of China.

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