Manufacturing Industry
Apollo Management Adding to Acquisitions Affecting Composites, Resins, and Plastics.
Advanced Materials & Composites News, July, 2004
July 6, 2004 - Apollo Management, L.P., a private investment firm, and Eastman Chemical Company announced June 1 that they signed an agreement for Apollo to acquire certain businesses and product lines in Eastman's coatings, adhesives, specialty polymers and inks (CASPI) segment. Today they announced that Apollo will acquire Borden chemical Company by August 1.
Apollo already owns Resolution Performance Products (RPP), the former epoxy business of Shell. Resolution Specialty Materials (RSM), formerly Eastman Composites Resins, will be formed by the end of July. The acquisition, with a purchase price of $215 million, is subject to regulatory approval and other customary closing conditions. The purchase price includes cash of $165 million at closing, plus a $50...
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