COLUMBUS, OH – Hexion Specialty Chemicals Inc. has signed a definitive agreement to sell its Italian solventborne alkyd and polyester coating resins business to an affiliate of Tenax Group, an Italian-based company that produces similar products. The sale will include all aspects of the business, including a production facility in Cola di Lazise, Italy.

The sale represents Hexion’s exit from the European solventborne coatings market. Hexion continues to fully participate in the waterborne, powder coatings and coating resins markets, both in Europe and globally.