Hexion to Sell Phenolic Specialty Resins, Hexamine, and Forest Products Resins Businesses
The transaction includes approximately 900 associates and 11 manufacturing facilities globally, where phenolic specialty resins and engineered thermoset molding compounds are produced.
Hexion Inc. recently announced that it has entered into a definitive agreement to sell its phenolic specialty resin, hexamine, and Europe-based forest products resins businesses for approximately $425 million to Black Diamond and Investindustrial. The consideration consists of $335 million in cash and certain assumed liabilities, with the remainder in future proceeds based on the performance of the business.
Together, these businesses posted sales of approximately $530 million (for the last 12 months ended June 30, 2020). The transaction includes approximately 900 associates and 11 manufacturing facilities globally, where phenolic specialty resins and engineered thermoset molding compounds are produced for a range of end markets such as building and construction, industrial, automotive, electronics, agriculture, and consumer.