Hercules Proceeds with Plans to Sell Two Businesses
WILMINGTON, DE — Hercules Inc. announced a definitive agreement to sell its hydrocarbon resins and parts of its rosins resins businesses to Eastman Chemical Co., and also said it will sell its peroxy chemicals business to GEO Specialty Chemicals.
The proposed deals follow an announcement by International Specialty Products — which owns nearly 10% of Hercules — that it will nominate four directors for election to the Hercules board as part of a strategy to push for a sale of the company. Hercules did not disclose the terms of either sale, but has said previously that it was looking to either sell the entire company or certain operations in order to help pay down its debt.
The agreement with Eastman follows several months of on-again, off-again discussions between the two companies.
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