COLUMBUS, OH — Hexion Inc. announced that it has completed the sale of its Phenolic Specialty Resin, Hexamine and European-based Forest Products Resins businesses for approximately $425 million to Black Diamond and Investindustrial. The consideration consists of $335 million in cash and certain assumed liabilities with the remainder in future proceeds based on the performance of the business. The transaction was announced in September 2020.
Commenting on the transaction, Craig Rogerson, Chairman, President and Chief Executive Officer, Hexion, said, "This sale strengthens our balance sheet, while maintaining a strong specialty chemical portfolio going forward. I want to thank our associates within our Phenolic Specialty Resins, Hexamine and European-based Forest Products Resins businesses for their many contributions and wish them well going forward."
Additional information about Hexion Inc. and its products is available at www.hexion.com.