HOUSTON, March 6, 2020 /PRNewswire/ — Kraton Corporation (NYSE: KRA) (“Kraton” or the “Company”), a leading global Sustainable producer of specialty polymers and high-value biobased products derived from pine wood pulping co-products announced today that it has completed the sale of its Carifle’ business to Daelim Industrial Co, Ltd. (“Daelim”) for $530.0 million in cash.

“We are pleased to announce that we have completed the sale of our Cariflex business to Daelim Industrial Co, Ltd. We believe Daelim is well-positioned to invest in and grow the Cariflex franchise as it continues to expand its global business. We thank the Cariflex team for their significant contributions, not only for developing Cariflex, but for continuing to grow the business over the years, and we wish them continued success in the future,” said Kevin M. Fogarty, Kraton’s President and Chief Executive Officer. “As previously communicated, we intend to use the net proceeds from the Cariflex sale principally for debt reduction. Following the closing of this important transaction, we remain committed to continuing to improve our overall capital structure, and this sale is an important step in that regard,” added Fogarty.

J.P. Morgan Securities LLC acted as exclusive financial advisor to Kraton and Baker McKenzie served as legal advisor. UBS Securities LLC acted as exclusive financial advisor to Daelim and Paul Hastings LLP acted as legal advisor.