MOSCOW (MRC) -- BDA Partners is pleased to announce that its client, Hexion Inc., has sold its China phenolic resins plant to Red Avenue New Materials Group Co. Ltd. (Red Avenue), a publicly listed Chinese company providing diversified new materials for electronics, environmental protection, tire, and auto markets, said Chemengonline.
Hexion’s China phenolic resins plant was part of Hexion’s global Phenolic Resins (PSR) division, which has separately been acquired by Black Diamond and Investindustrial. The PSR business is an established technology leader with a long track record for quality and reliability.
The China phenolic resins plant was built in Zhenjiang, Jiangsu Province, as a greenfield project, which was started in 2012 and completed in 2016. The facility was constructed in line with Hexion’s global standards, enjoys convenient access to suppliers and customers, and is well regarded in the region for its unmatched product quality and high EHS standards.
The US-headquartered resins and coatings producer has sold the unit to local firm Red Avenue New Materials, according to BDA Partners, which advised on the deal. Located in Jiangsu Province, wholly operated by Hexion since 2015, the sale is separate to that of the company’s global phenolic resins business, which has been acquired by Black Diamond and Investindustrial. Deal terms were not disclosed.
As per MRC, Hexion, a major US manufacturer of phenol and bisphenol A (BPA), has resumed bisphenol A (BPA) production in Pernis, The Netherlands. According to a letter from the company to customers on February 11, the company announced force majeure for the supply of BPA from a plant in Pernis with a capacity of 120 thousand tons per year due to unexpected equipment shutdowns due to cold weather.
Bisphenol A is used as a hardener in the manufacture of plastics and plastic-based products. It is one of the key monomers in the production of epoxy resins and polycarbonate (PC).
According to MRC's ScanPlast, the estimated consumption of PC granulate in Russia (excluding imports and exports to Belarus) amounted to 89.3 thousand tons at the end of 2020, which is 14% higher than the volume in 2019 (78,500 tonnes).
Hexion Inc., formerly Momentive Specialty Chemicals Inc., is a chemical company based in Columbus, Ohio. It manufactures thermosetting resins and related technologies and specialty products. Hexion has two divisions: the epoxy, phenolic and coating resins division and the forest products division.
MRC