Synthomer PLC has purchased the adhesives resins assets and business from Eastman Chemical Company (NYSE: EMN).

The sale specifically consists of hydrocarbon resins, pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid based resins product lines. The business under consideration is currently a part of Eastman’s Additives and Functional Products segment.

“Alongside the diversification of our portfolio, end markets and geographies, our acquisition strategy looks to add new and highly complementary growth opportunities to Synthomer’s global portfolio,” said Calum MacLean, chief executive at Synthomer. “Acquiring Adhesive Resins delivers on that ambition, giving us a leading position in the growing global adhesives market and extending our portfolio of differentiated products and sustainable solutions”

J.P. Morgan Securities LLC served as exclusive financial advisor, and Jones Day served as legal advisor to Eastman.