COLUMBUS, OH - Hexion Inc. announced that it has entered into a definitive agreement to sell its Phenolic Specialty Resin, Hexamine and European-based Forest Products Resins businesses for approximately $425 million to Black Diamond and Investindustrial. Together, these businesses posted sales of approximately $530 million for the last 12 months ended June 30, 2020. The transaction includes approximately 900 employees and 11 manufacturing facilities globally.
The company expects to use the sale proceeds to invest in its business and further reduce its debt. The transaction is intended to close in the first quarter of 2021, subject to regulatory approvals and other customary closing conditions.