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US-based Momentive to sell wood resin business

May 19/2011

(ICIS) -- US-based specialty chemicals and materials company Momentive Performance Materials has put its forest products resins business and its acrylic monomers unit on the selling block, sources in the financial community said on Wednesday.


US-based investment banks Goldman Sachs and Morgan Stanley are handling the sale of the forest products resins business, while The PrinceRidge Group is selling the acrylic monomers unit, sources said.


Momentives forest products resins business, which produces urea-formaldehyde resins, posted sales of USD 448m (EUR 314m) in the first quarter, and USD 45m in earnings before interest, tax, depreciation and amortisation (EBITDA).


In 2010, the forest products resins unit had sales of USD 1.61bn and EBITDA of USD 177m.


The companys acrylic monomers business is a part of its epoxy, phenolic and coatings resins segment, but one source estimated annual revenues of about USD 500m for the acrylic business.


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