Hexion Plans to Separate into Two Independent Companies
The separation is currently targeted for completion in the fourth quarter of 2021, subject to certain approvals and tax and legal considerations.
Hexion Holdings Corp. recently announced its plan to separate into two independent companies: Hexion Holdings, comprising the company’s Adhesives and Versatic Acids™ and Derivatives product lines, and Hexion Coatings and Composites (US) Inc. (HCC), composed of Hexion Holdings’ former epoxy-based Coatings and Composites products. HCC will be renamed at a later date.
Hexion anticipates that the HCC separation transaction will be in the form of a distribution of 100% of the stock of HCC, a new and independent company, to current holders of Hexion Holdings common stock and warrants. Upon completion of the HCC spinoff, current Hexion Holdings shareholders will own shares of both Hexion Holdings and HCC.