Eastman Inks Deal With PVP, Expands Reach With Start-ups
Zacks Investment Research | May 17, 2017 10:56PM ET
Eastman Chemical Company (NYSE:EMN) recently announced that it has entered into a partnership with Phoenix Venture Partners LLC (PVP) through an investment in new venture capital fund, PVP II LP. The investment will drive Eastman Chemical’s external innovation reach beyond the academic alliances into start-up ventures. However, the specific terms of the transactions were not disclosed.
PVP is a leading venture capital firm recognized by corporations and entrepreneurs across the globe. The company is focused on Advanced Materials and forges deep partnerships with strategic investors. By working closely with their partners, PVP identifies attractive market opportunities.
The company expects to leverage PVP’s knowledge of the Advanced Materials venture sector, scouting capabilities and deal flows to identify and work collaboratively with start-ups and thereby bring in innovative technology in the market.
According to Managing General Partner of PVP, Dr. John T. Chen, Eastman chemical’s access to state-of-the-art technologies, in-depth understanding of markets and technologies makes it an ideal innovation partner. Through its portfolio, Eastman can leverage collaboration with start-ups in sectors such as Advanced Materials, Functional and Additives Products Businesses. This will help the company to accelerate innovation, connect with global entrepreneurs and deliver value.
Eastman Chemical’s shares have declined 3.7% in the last three months, underperforming the Zacks categorized Zacks Investment Research
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