COLUMBUS, OH - Hexion Inc. has sold its Additives Technology Group (ATG) business to MÜNZING CHEMIE GmbH (MÜNZING), a privately owned specialty additive company headquartered in Abstatt, Germany. The company received approximately $50 million in proceeds from the transaction, which is subject to customary post-closing adjustments.
The transaction involved the sale of two manufacturing sites located in Somersby, Australia, and Sungai Petani, Malaysia, along with certain intangible property. These sites produce a range of specialty chemical materials for the engineered wood, paper impregnation and laminating industries, including catalysts, release agents and wetting agents.
The ATG business operated within Hexion’s Forest Products Resins Segment. No other terms of the transaction were announced.