US firms Eastman Chemical and Arsenal Capital Partners have entered into a definitive agreement to acquire Arsenal's portfolio company Genovique Specialties Corporation.
Under the agreement, Genovique Specialties manufacturing operations in Chestertown, Maryland, US, Kohtla-Järve, Estonia, and its joint venture in Wuhan, China will become part of Eastman's Performance Chemicals and Intermediates segment.
Financial terms of the agreement were not disclosed but it is expected to be funded with available cash.
The transaction is subject to regulatory approvals and satisfaction of other customary closing conditions.
Genovique Specialties is a global producer of benzoic acid, sodium benzoate and speciality plasticisers that are performance-based solutions for the adhesives and sealants, coatings and PVC markets.
