17 Dec 2021

One Rock Capital Partners’s acquisition of Eastman Chemical's Tire Additives Business

Partners Yau Yee Ming, Ooi Ju Lien; and Associate Joanne Hoh from Christopher & Lee Ong acted as the local counsel for One Rock Capital Partners, LLC. in its acquisition of Eastman Chemical's Tire Additives Business which is valued at around USD 800 million. Our advice included conducting due diligence on Eastman’s local entity; reviewing global transaction documents for compliance under Malaysian law and assisting in the incorporation of a local company for One Rock to purchase the assets from Eastman at local level. We also assisted in the transfer of employees from Eastman to One Rock and advised on transitional arrangement between the period from signing to when One Rock’s local subsidiary obtained the necessary licences to carry on their business. The acquisition aims to further strengthen and drive the company’s portfolio of product and service offerings as an independent company.