Shadrach Warid, Unsplash
NEW YORK Eastman Chemical Co. is selling its tire additives business to a private equity firm for up to $800 million.
One Rock Capital Partners L.L.C. has a new deal to acquire the segment for an initial payment of $725 million from Kingsport, Tenn.-based Eastman.
One Rock also could pay Eastman up to another $75 million through 2023 based on performance of the acquired operations.
Eastman is divesting the tire additives business as part of what the company describes as an ongoing effort to improve its Additives & Functional Products segment. After reviewing strategic options, we believe this action is the most beneficial to Eastman and the rubber additives business, Eastman CEO Mark Costa said in a statement. We continue to evaluate other actions to improve our AFP segment.
Specialty materials firm Eastman Chemical Company is purchasing 3F Feed & Food, a European firm that develops and commercializes additives for animal feed and human food, the company announced in a recent release. The transaction will bolster Eastman’s animal nutrition business.
“With this acquisition of 3F Feed & Food, Eastman adds a respected producer that is well-established in one of the leading European markets,” Sabine Ketsman vice president and general manager, care chemicals and animal nutrition for Eastman, said in a statement. “Their proven track record of providing value-added solutions to the market, combined with Eastman’s unique technology capabilities and global footprint, will accelerate the development of next-generation solutions and strengthen our ability to better serve our customers all over the world.”
Image courtesy of Eastman The acquisition of Spain-based 3F Feed & Food will support Eastman’s growth in the animal nutrition market.
Specialty materials firm Eastman Chemical Company is purchasing 3F Feed & Food, a European firm that develops and commercializes additives for animal feed and human food, the company announced in a recent release. The transaction will bolster Eastman’s animal nutrition business.
“With this acquisition of 3F Feed & Food, Eastman adds a respected producer that is well-established in one of the leading European markets,” Sabine Ketsman vice president and general manager, care chemicals and animal nutrition for Eastman, said in a statement. “Their proven track record of providing value-added solutions to the market, combined with Eastman’s unique technology capabilities and global footprint, will accelerate the development of next-generation solutions and strengthen our ability to better serve our customers all ove
Eastman acquires nutrition-additives manufacturer in Spain
By Mary Page Bailey |
April 30, 2021
Eastman Chemical Co. (Kingsport, Tenn.) announced that it has acquired 3F Feed & Food, a European leader specializing in the technical and commercial development of additives for animal feed and human food. Located in Spain, 3F’s business and assets are expected to strengthen and support continued global growth of Eastman’s animal nutrition business and will become part of its Additives & Functional Products segment.
“With the acquisition of 3F Feed & Food, Eastman adds a respected producer that is well-established in one of the leading European markets,” said Sabine Ketsman, vice president and general manager, care chemicals and animal nutrition. “Their proven track record of providing value-added solutions to the market, combined with Eastman’s unique technology capabilities and global footprint, will accelerate development of next-generation solutions and strengthen our
Press release content from Business Wire. The AP news staff was not involved in its creation.
DIC Invests in Israeli Biotech Startup Vaxa Technologies
April 28, 2021 GMT
TOKYO (BUSINESS WIRE) Apr 28, 2021
DIC Corporation (TOKYO:4631) has completed investment in Vaxa Technologies Ltd., a biotech startup headquartered in Rosh Pina, Israel, as part of a strategic expansion of DIC businesses around health food and other algae-derived products.
Vaxa Technologies possesses unique proprietary light-emitting diode (LED) illuminated photobioreactors and algae cultivation technologies and is engaged in the development and commercialization of clean, unparalleled high-value-added algae products. Vaxa Technologies’ cultivation process employs renewable energy, achieving excellent productivity while consuming significantly less land and fresh water than conventional cultivation methods. This process also converts discharged CO2 into useful materials, making the process carbon negative and