US chemicals giant Eastman (Kingsport, Tennessee; www.eastman.com) said it has agreed to sell its adhesives resins business to UK chemicals group Synthomer (London; www.synthomer.com), formerly known as Yule Catto, in a cash deal worth USD 1 bn (EUR 859m).

The billion-dollar pricetag reflects a multiple of 11 times the adhesive resins business’ trailing 12-month EBITDA. The activities being sold consist of hydrocarbon resins (including Eastman “Impera” tire resins), pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid based resins product lines. If approved by regulatory bodies, completion of the deal is set for Q1 2022

Calum MacLean, Synthomer’s chief executive – until next month when he hands over to Michael Willome (see Plasteurope.com of 29.06.2021) – said the acquisition gave his firm “a leading position in the growing global adhesives market” and extends the company’s portfolio of differentiated products and sustainable solutions.

Eastman is currently building one of the world’s largest plastics-to-plastics recycling facilities at its headquarters’ location, with completion expected in 2022 (see Plasteurope.com of 11.08.2021).