Hexion Inc has entered into a definitive agreement to sell its phenolic specialty resin, Hexamine and European-based Forest Products resins businesses for approximately US$425 million to Black Diamond and Investindustrial.

The acquisition includes around 900 associates and 11 manufacturing facilities producing phenolic specialty resins and engineered thermoset molding compounds for a range of end markets including building and construction, industrial, automotive, electronics, agriculture and consumer, the company said.

According to Hexion, the two businesses had sales of approximately US$530 million for the last twelve months ended June 30, 2020.

‘We continue to strategically manage our portfolio providing us the ability to further strengthen our balance sheet and maintain a strong business going forward,’ said Craig Rogerson, chairman, president and CEO. ‘As we proceed, we will leverage our differentiated technology and global manufacturing footprint to serve the diversified customers of our remaining businesses.’

This story uses material from Hexion, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.