HOUSTON (ICIS)--Eastman has reached a definitive agreement to sell the rubber additives and other product lines and related assets of its global tyre additives business for $800m to One Rock Capital Partners, the US chemicals company said on Wednesday.
The sale includes the Crystex insoluble sulphur and Santoflex antidegradants lines. It does not include the Impera and other performance resins product lines of the tyre additives business.
The sale, due to close in H2 2021, is part of Eastman’s ongoing effort to improve the performance of its Additives & Functional Products (AFP) segment, it said.
The company continues to evaluate other actions to improve that segment, CEO Mark Costa added.
AFP manufactures chemicals for products in sectors including transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care.
The segment has technology platforms in cellulose esters, polyester polymers, insoluble sulphur, hydrocarbon resins, alkylamine derivatives, and propylene derivatives.
As a result of the sale to One Rock, Eastman expects to recognise asset impairments or a loss, it said without disclosing details.
Thumbnail photo shows tyres. Image by Shutterstock