Hexion Holdings Completes Epoxy Sale to Westlake
Hexion Holdings has completed the sale of its epoxy-based coatings and composites portfolio to Westlake Chemical for $1.2 billion. The deal comprises the epoxy specialty resins and base epoxy resins and intermediates product lines. Prior to the sale, Hexion had announced it would split into two independent companies.
Wrapping up the first round in the company’s transformation, the transfer creates the conditions necessary for the sale of the holding with its remaining product lines versatic acids and derivatives to affiliates of American Securities for $30 per share in cash. This deal is also scheduled to close during the 2022 first half, following receipt of all regulatory approvals and satisfaction of other customary closing conditions.
CEO Craig Rogerson said Hexion plans to “continue to build on its strong momentum, driven primarily by strong new residential construction and remodeling demand in North America, continued capacity expansion progress and gains from innovative new products, as well as the need for more sustainable building and coatings materials.”
Author: Dede Williams, Freelance Journalist
