Eastman Chemical Company (NYSE:EMN) announced that it has completed the previously reported sale of its global tire additives business to an affiliate of One Rock Capital Partners, LLC. The sale included the rubber additives (including Eastman's Crystex™ insoluble sulfur and Santoflex™ antidegradants) and other product lines and related assets and technology of the Additives & Functional Products segment.

The total sale price of $800 million consists of $725 million cash and assumed liabilities at closing, subject to post-closing adjustments, and an additional amount of up to $75 million to be paid based on performance of the rubber additives business through 2023.

Credit Suisse and J.P. Morgan served as financial advisors and Jones Day served as legal advisor to Eastman.

KINGSPORT, Tenn., Nov. 1, 2021