Momentive Specialty Chemicals Inc. and PCCR USA Inc. recently announced that the companies have signed a definitive agreement for Momentive to sell its North American composites and coating resins business to PCCR USA, a subsidiary of Investindustrial, a European investment group.

The Momentive business to be purchased by PCCR includes manufacturing locations in Carpentersville, IL; Ennis, Texas; Forest Park, GA; and Lynwood, CA. The business had 2010 sales of approximately $230 million and employs 225 people, whom it anticipates will join PCCR at closing.

“This business is an excellent fit with our existing operations in specialty chemicals and will provide us with a significant new presence in the North American marketplace in this industry,” said Andrea C. Bonomi, chairman of Investindustrial.

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