One Rock Capital Partners LLC has, through affiliates, entered into an agreement to acquire the tire additives business of Eastman Chemical Co. The business develops, manufactures and sells insoluble sulfur, antidegradants and post-vulcanization stabilizers for tire manufacturers.
Tony W. Lee, managing partner of One Rock, said, “Eastman’s tire additives business is the global leader, known for high-performance, mission-critical products and technical leadership. We are excited to partner with the business’ highly experienced management team to further strengthen its unparalleled product portfolio and drive its growth as an independent company.”
“As we prepare for this new chapter, we are excited to work with One Rock, which has a proven track record of establishing former corporate subsidiaries as strong standalone businesses, and providing the support and resources needed to build on their success,” said Gunes Celik, vice president and general manager of the tire additives business. “One Rock’s reputation for innovation and quality across its portfolio aligns well with our strategic focus, capabilities and industry leadership position.”
R. Scott Spielvogel, managing partner of One Rock, added, “The business serves an impressive group of global blue-chip customers as a result of its unique technical and commercial service expertise. During the next stage of growth, we look forward to working closely with management to enhance the portfolio of product and service offerings.”
Latham & Watkins LLP is acting as legal counsel and RBC Capital Markets LLC is acting as financial advisor to One Rock.