27 August 2004
27 August 2004
Apollo Management, L.P. and Eastman Chemical Company have completed the sale of certain businesses and product lines in Eastman’s coatings, adhesives, specialty polymers and inks (CASPI) segment to Apollo.
“Completing this divestiture results in a better alignment of company resources with our strategy going forward,” said Brian Ferguson, Eastman’s chairman and CEO. “We’re pleased that these businesses and product lines are now part of a company where they are a better fit for future plans. And I want to especially recognize the employees in these businesses who have maintained a focus on meeting customers’ needs as we worked with Apollo to close this sale. This divestiture represents a major milestone in Eastman’s ongoing strategy to improve the company’s profitability.”
Apollo said the new company will be named Resolution Specialty Materials, Inc. (RSM), and will be based in Houston, Texas. RSM will be led by Jeff Nodland, a 25-year veteran of the coatings and composites industry.
“This event is obviously a milestone for Resolution Specialty Materials, as it emerges as a strongly situated, independent supplier of a broad range of chemicals for the coatings, composites, graphics arts and textile industries, among others,” said Mr. Nodland. “With the talented employees we inherited, we are confident of the Company’s ability to continue to provide a high level of services to existing customers, while also growing the business.”
As previously announced, 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. Manufacturing sites 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 associated with the businesses and sites acquired by Apollo.
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