28 October 2021 - acquisition/placing

The chemicals group has announced the acquisition of the Adhesives Resin business of Eastman Chemical Company for $1bn in cash.  The company is to raise some £200m in a placing with institutional investors to help fund this with the balance of the consideration coming from existing cash resources and a new $300m debt facility.  The acquisition is expected to bring significant benefits to the company, extending its range of products as well as its geographical reach.  The acquisition is expected to be earnings enhancing from year 1 and we believe this is a good move . . .

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