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.
The backers of Hexion Holdings have agreed to sell the company to private equity investor American Securities for $30 per share in cash. The transaction is expected to complete in the first half of 2022, following the closing of the sale of its Epoxy business to Westlake Chemical. That deal is still subject to shareholder and regulatory approval.
Concluding its ongoing strategic review, Hexion Holdings has agreed to sell its epoxy-based Coatings and Composite businesses to Westlake Chemical for about $1.2 billion. The deal is expected to close in the 2022 second half, following all approvals. The activities to be divested include the epoxy specialty resins and base epoxy resins and intermediates product lines.
Hexion Holdings is separating its assets into two independent companies. The one continuing to use the Hexion name will be composed of the holding’s adhesives and versatic acids and derivatives product lines, while the other will absorb the assets grouped under Hexion Coatings and Composites (US), known as HCC. This company, which has operated as the holding’s epoxy-based coatings and composites products, will be renamed at a later date.
Hexion has completed the sale of its phenolic specialty resin, hexamine and European-based forest products resins businesses to private equity investors Investindustrial and Black Diamond Capital Management for about $425 million. The deal, which took effect after all approvals, was announced in September 2020.
Hexion has agreed to sell its phenolic specialty resin, hexamine and European-based forest products resins businesses to private equity investors Investindustrial and Black Diamond Capital Management for approximately $425 million.
US thermoset resins and specialty chemicals company Hexion is collaborating with Poland’s D&R Dispersions and Resins on the first commercial-scale production of the former’s VeoVa silane technology, which is free of isocyanates.
