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(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.
Momentive’s 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 company’s 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.
mrcplast.com
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