Hexion Divestment is Top News

Readers last week were most interested in Hexion’s planned Epoxy Business sale (Hexion Announces Agreement to Sell Epoxy Businesses to Westlake Chemical): “Hexion Holdings Corp. recently announced that, as a result of its ongoing strategic review, it has entered into a definitive agreement to sell its epoxy-based Coatings and Composite businesses, which includes the epoxy specialty resins and base epoxy resins and intermediates product lines, for approximately $1.2 billion to Westlake Chemical Corp. The Epoxy Business generated total sales of approximately $1.5 billion for the 12 months ended September 30, 2021, and was reported within Hexion’s Coatings and Composites reportable segment.

“The transaction includes approximately 1,300 associates and eight manufacturing facilities globally. The company expects to use the sale proceeds to further pay down debt and to invest in its business. The transaction is expected to close in the first half of 2022, subject to customary regulatory approvals and other closing conditions as well as prior Works Councils consultation.”