Industrials and Chemicals

On December 20, 2024, Bendix Commercial Vehicle Systems LLC (“Bendix”), a North American subsidiary of Knorr-Bremse, announced the company finalized the sale of its wholly owned subsidiary, R.H. Sheppard Co., Inc. (“R.H. Sheppard”), to an affiliate of Balmoral Funds LLC (“Balmoral”), a Los Angeles-based private equity firm. The transaction encompasses the entire Sheppard business, including Sheppard’s branded products, production equipment, sales and service companies, and interests in joint ventures relating to sales and production. Cravath is representing Bendix in connection with the transaction.

Cravath represented the initial purchasers in connection with the (i) $850 million senior notes offering by Smurfit Westrock Financing DAC, a wholly owned subsidiary of Smurfit Westrock plc, one of the world's largest integrated manufacturers of paper‑based packaging products, and (ii) the dual‑tranche €1.2 billion senior notes offering of Smurfit Kappa Treasury Unlimited Company, a wholly owned subsidiary of Smurfit Westrock plc. The notes offerings closed on November 26 and 27, 2024, respectively.

Cravath represented the initial purchasers in connection with the $600 million 144A/Reg. S high‑yield senior notes offering of The Chemours Company, a leading, global provider of performance chemicals. The transaction closed on November 27, 2024.

Cravath represented Syrah Resources Limited (“Syrah”), as sponsor, and its subsidiary, Twigg Exploration & Mining, Limitada, as borrower, in connection with a loan from the United States International Development Finance Corporation (“DFC”). Syrah, together with its subsidiaries, is strategically positioned as the first vertically integrated ex‑China natural graphite active anode material supplier for battery and electric vehicle manufacturers globally. Proceeds of the DFC loan will be used to fund capital requirements at the Balama Graphite Operation in Mozambique, the largest graphite mining and processing operation in the world. Graphite produced at Balama is shipped to global battery anode and industrial customers and is being processed at Syrah’s active anode material facility in Louisiana. DFC’s investment will support Syrah in preparation for increased sales to ex‑China anode customers, bolstering the U.S. supply chain for critical minerals. The transaction closed on November 8, 2024.

Cravath represented Martin Marietta Materials, Inc. in connection with its $1.5 billion registered senior notes offering. Martin Marietta Materials, Inc. is a leading supplier of aggregates and heavy building materials for the construction industry in the United States. The transaction closed on November 4, 2024.

On November 19, 2024, Cravath prepared a memo for its clients entitled “IRS and Treasury Publish Final Regulations for Advanced Manufacturing Production Tax Credits.” The memo examines the United States Department of the Treasury and the Internal Revenue Service’s recently issued final regulations for Advanced Manufacturing Production Tax Credits under Section 45X of the Internal Revenue Code.

On November 13, 2024, Cravath partner David J. Perkins, co‑head of the Firm’s Private Equity Practice, was featured as a 2024 Private Equity MVP by Law360, which highlighted his role representing clients on private equity investments across multiple asset classes, including Amentum in its Reverse Morris Trust merger with Jacobs’ Critical Mission Solutions and Cyber and Intelligence businesses, as well as Brookfield Renewable Partners in its $8 billion acquisition of Westinghouse. In the profile, Dave discussed how much he enjoyed working with private equity clients and appreciated their approach to problem‑solving on particularly challenging transactions. Dave also spoke about Cravath’s longstanding commitment to training associates and younger partners as part of the Firm’s growing Private Equity Practice.

On August 14, 2024, Cravath partner Korey Fevzi was named to Financial News’ inaugural “Most Influential in European Finance” list, which recognizes “innovators shaping the industry.” The feature recognized Korey’s role in the establishment of Cravath’s “English law offering” and on advising “investment banks, private credit funds and on leveraged finance acquisitions.” The publication also highlighted his representation of the lead arrangers in connection with the senior financing package for the €1.1bn acquisition of Forno d’Asolo by Sammontana and Investindustrial and his representation of the debt providers in the financing for the public‑to‑private takeover of Applus+ by TDR Capital and I Squared Capital.

On July 29, 2024, Cravath partner G.J. Ligelis Jr. was featured in Bloomberg Law’s “They’ve Got Next: 40 Under 40” series, which recognizes “the accomplishments of stellar young lawyers nationwide,” based on their work on key client matters, assumption of leadership roles, pro bono commitments and more. In a Q&A, G.J. described his work on transformative deals, including for client AerCap in its $30 billion acquisition of GE Capital Aviation Services, the largest M&A deal in the history of the aircraft leasing industry. G.J. also highlighted Just Eat Takeaway.com’s $7.3 billion combination with Grubhub as a matter in which he was “particularly proud of” his role, having led the Cravath team representing Just Eat Takeaway.com on M&A matters during his third year as partner. G.J. emphasized the importance of teamwork in providing clients with seamless legal advice and praised the quality of the Firm’s attorneys across practice groups: “Nothing is more rewarding than introducing an M&A client to one of my litigation or investigations partners, capital markets partners or antitrust/regulatory partners and watching my client’s reaction as they realize they get the exact same level of quality, dedication, and personal touch across every area of Cravath.”

On July 17, 2024, Cravath of counsel Kiran Sheffrin was featured as part of Law360’s 2024 “Rising Stars” series as one of the top tax attorneys in the nation under the age of 40. The related profile highlights Kiran’s representation of clients such as Anheuser‑Busch InBev and Valvoline on multibillion‑dollar deals, as well as Mylan in its $50 billion combination with Upjohn to create global pharmaceutical company Viatris.