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Hexion Inc. announces sale of Colombia manufacturing site

February 26/2020

MOSCOW (MRC) -- Hexion Inc. announced that it has entered into a definitive agreement to sell its manufacturing site in Yumbo, Colombia to a joint venture led by Master Paints & Chemical Corporation, said the company.

"We believe the Yumbo sites diversified manufacturing capabilities and strong track record of safe operations will serve Master Paints well going forward".

The Yumbo site produces decorative paints under the Algreco brand name, among others, as well as private-label paints. The site employs approximately 150 associates and had 2018 revenue of approximately $15 million. The site includes resin manufacturing capacity for both alkyd and water-based paints, as well as asphalt production capabilities. The site operated within Hexions Forest Products Resins Segment. No other terms of the transaction were announced.

"We believe the Yumbo sites diversified manufacturing capabilities and strong track record of safe operations will serve Master Paints well going forward, said Craig Rogerson, Chairman, President and CEO. Considering the site serves primarily a consumer-facing paint business, the transaction is consistent with our ongoing portfolio optimization as we further position the Company for profitable growth. I would like to thank our associates at the Yumbo site for their many contributions and I am confident they will have exciting opportunities ahead."

Earlier it was reported that Hexion in mid-January announced force majeure for the supply of BPA from the plant in Deer Park (Deer Park, Texas, USA). It was expected that this enterprise with a capacity of 140 thousand tons of BPA per year will resume its work in mid-February.

Large manufacturers of BPA and epoxy in the United States are companies such as Hexion, Huntsman and Olin.

Bisphenol A is used as a hardener in the manufacture of plastics, as well as plastic-based products. It is one of the key monomers in the production of epoxy resins and polycarbonate (PC).

According to the ICIS-MRC Price Report, in December last year, imports of PCs and compositions to Russia excluding supplies from Belarus amounted to 1,400 tonnes compared to 1,520 tonnes a month earlier and 1,110 tonnes in December 2017. According to the results of last year, in general, imports of PCs and compositions to Russia excluding Belarus grew by 13% to 16,200 tonnes against 14,300 tonnes in 2017.

Based in Columbus, Ohio, Hexion Inc. is a global leader in thermoset resins. Hexion Inc. serves the global adhesive, coatings, composites and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries.


mrcplast.com
Author:Anna Larionova
Tags:bisphenol A, pigmentniy krasitel, phenol, paints and coatings, Hexion, Hexion Specia.
Category:General News
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