Eastman to Sell Portions of CASPI Segment
Apollo Management, L.P., a private investment firm, and Eastman Chemical Company (NYSE:EMN) today announced they 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, is subject to regulatory approval and other customary closing conditions. The purchase price includes cash of $165 million at closing, plus a $50 million note payable to Eastman. The companies anticipate a closing by the end of July 2004.
The following Eastman businesses and product lines are included in the divestiture: acrylate ester monomers, composites (unsaturated polyester resins), inks and graphics arts raw materials, liquid resins, powder resins and textile chemicals. Eastman had announced plans in August 2003 to restructure, divest or consolidate these businesses and product lines. Manufacturing sites to be divested include: Pleasant Prairie, Wis.; LaVergne, Tenn.; Carpentersville, Ill.; Roebuck, S.C.; Lynwood, Calif.; Columbus and Forest Park, Ga.; and Ennis, Texas, in the United States. Sites outside the U.S. include: Kallo, Belgium; Sant' Albano and Cola' di Lazise, Italy; Molndal, Sweden; Hamburg, Germany; Sokolov, Czech Republic; and Tianjin, Nanping and Funing, People's Republic of China. Approximately 2,100 employees are currently associated with this portion of Eastman's CASPI segment. Upon closing of the acquisition, these employees will become employees of the new owner.
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