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NEW YORK Eastman Chemical Co. is selling its tire additives business to a private equity firm for up to $800 million.
One Rock Capital Partners L.L.C. has a new deal to acquire the segment for an initial payment of $725 million from Kingsport, Tenn.-based Eastman.
One Rock also could pay Eastman up to another $75 million through 2023 based on performance of the acquired operations.
Eastman is divesting the tire additives business as part of what the company describes as an ongoing effort to improve its Additives & Functional Products segment. After reviewing strategic options, we believe this action is the most beneficial to Eastman and the rubber additives business, Eastman CEO Mark Costa said in a statement. We continue to evaluate other actions to improve our AFP segment.
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Nestle said it would sell its North American water brands to two private equity firms for $4.3 billion.
One Rock Capital Partners and Metropoulos & Co. will buy the brands, including Pure Life and Poland Spring.
Nestle s Perrier, S.Pellegrino, and Acqua Panna brands aren t part of the sale, it said.
Nestle said on Wednesday it would sell Pure Life and some other struggling North American water brands to two private equity firms for $4.3 billion, as the food giant doubles down on its premium offerings including Perrier.
The sale, to One Rock Capital Partners and Metropoulos & Co, includes brands such as Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills, Arrowhead, and Splash, as well as US office beverage delivery service ReadyRefresh.
UPDATE 2-Nestle to sell N.American water brands for $4.3 bln, focus on premium lines Reuters 2/17/2021
Feb 17 (Reuters) - Nestle said on Wednesday it would sell Pure Life and some other struggling North American water brands to two private equity firms for $4.3 billion, as the food giant doubles down on its premium offerings including Perrier.
The sale, to One Rock Capital Partners and Metropoulos & Co, includes brands such as Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills, Arrowhead and Splash, as well as U.S. office beverage delivery service ReadyRefresh.
Perrier, S.Pellegrino and Acqua Panna, which contributed to the growth recovery of Nestle s North American water business in the third quarter, are not part of the sale agreement, the company said.
By Reuters Staff
2 Min Read
FILE PHOTO: A Nestle logo is pictured on a coffee factory in Orbe, Switzerland May 31, 2018. REUTERS/Denis Balibouse
(Reuters) - Nestle said on Wednesday it would sell Pure Life and some other struggling North American water brands to two private equity firms for $4.3 billion, as the food giant doubles down on its premium offerings including Perrier.
The sale, to One Rock Capital Partners and Metropoulos & Co, includes brands such as Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills, Arrowhead and Splash, as well as U.S. office beverage delivery service ReadyRefresh.
Perrier, S.Pellegrino and Acqua Panna, which contributed to the growth recovery of Nestle’s North American water business in the third quarter, are not part of the sale agreement, the company said.