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Westlake Chemical to acquire Hexion epoxy business

November 29/2021

MOSCOW (MRC) -- Hexion Holdings Corporation has announced that as a result of its ongoing strategic review it has entered into a definitive agreement to sell its epoxy-based Coatings and Composite businesses, which includes the epoxy speciality resins and base epoxy resins and intermediates product lines (together, the Epoxy Business) for approximately US1.2bn to Westlake Chemical Corporation, according to APCJ.

The Epoxy Business generated total sales of approximately USUSD1.5bn for the last 12 months ended September 30, 2021, and was reported within the Coatings and Composites reportable segment of the company.

The transaction includes approximately 1300 associates and eight manufacturing facilities globally where epoxy-based Coatings and Composite products are produced for highly diversified growing end-markets, such as wind energy, non-residential construction, industrial, electrical, automotive and aerospace.

The company expects to use the sale proceeds to further pay down debt and to invest in its business.

The transaction is expected to close in the first half of 2022, subject to customary regulatory approvals and other closing conditions as well as prior Works Councils consultation.

As MRC reported before, earlier this year, Hexion Inc., a major American manufacturer of phenol and bisphenol A (BPA), has recently announced that in order to help address climate change, it has committed to reduce absolute carbon emissions by 20% by 2030.

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.

Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, chlor-alkali and derivative products, PVC suspension and specialty resins, PVC Compounds, and PVC building products including siding, pipe, fittings and specialty components, windows, fence, deck and film.


mrcplast.com
Author:Margaret Volkova
Tags:bisphenol a, PC, sheet extrusion, automotive chemicals, compounds, petrochemistry, adhesives, construction, electrical goods, paints and coatings, Hexion, Westlake Chemical, USA.
Category:General News
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