US resins producer Hexion (formerly Momentive Specialty Chemicals) has sold its additives technology group (ATG) to German specialty additive company Münzing Chemie for approximately $50 million. The business operated within Hexion’s forest products resins segment.

The sale includes manufacturing sites in Somersby, Australia, and Sungai Petani, Malaysia, along with certain intangible property. The sites produce specialty chemical materials for the engineered wood, paper impregnation and laminating industries, including catalysts, release agents and wetting agents.

 “We are pleased to successfully complete the sale of our ATG business,” said Hexion CEO Craig Rogerson. “We continue to position the company for profitable growth by strategically managing our portfolio and optimizing our cost structure.”

Hexion said it will use the proceeds for general corporate purposes. The Columbus, Ohio-headquartered company is controlled by investment funds affiliated with US private equity group Apollo Global Management.

Privately owned, Münzing has its headquarters in Abstatt and manufacturing plants in Elsteraue and Heilbronn, Germany; Clover, South Carolina, USA; and Taixing, China, which offer broad synthesis and formulation capabilities.