Eastman Chemical Company announced that it and certain of its subsidiaries have completed the previously reported sale of its adhesives resins business to Synthomer plc. The sale included the hydrocarbon resins (including Eastman Impera tire resins), pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid based resins product lines, all of which were previously part of Eastman's Additives & Functional Products segment.

The total sale price of $1 billion was paid in cash. J.P. Morgan Securities LLC served as exclusive financial advisor and Jones Day served as legal advisor to Eastman.

Following the completion of the acquisition, Synthomer has formed the new Adhesive Technologies Division.

Adhesive Technologies develops, manufactures and sells tackifying resins and additives for adhesive products, with a strong focus on attractive end markets such as packaging, hygiene and high performance tyre additives. The new division adds an exciting new growth dimension to Synthomer in more specialised, more global and higher growth segments. The acquisition creates a £2.8bn enterprise and allows Synthomer to enhance its portfolio and geographic growth alongside the diversification of its portfolio, end-markets and geographies with this new and highly complementary growth opportunity.