Hexion Inc. recently announced that it has completed the sale of its Phenolic Specialty Resin, Hexamine and European-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. The company expects to use the sale proceeds to invest in its business and further reduce its debt.
"This sale strengthens our balance sheet, while maintaining a strong specialty chemical portfolio going forward," said Craig Rogerson, chairman, president, and CEO. "I want to thank our associates within our Phenolic Specialty Resins, Hexamine and European-based Forest Products Resins businesses for their many contributions and wish them well going forward."
Learn more about Hexion Inc. at www.hexion.com. Visit www.bdcm.com for more information about Black Diamond Capital Management, and go to www.investindustrial.com to learn more about Investindustrial.