Four Companies to Form North America's Third-Largest Specialty Chemicals Company
COLUMBUS, Ohio - Borden Chemical, Inc., Columbus, Ohio, and Resolution Performance Products LLC (RPP), Houston, jointly announced plans to merge, together with Resolution Specialty Materials LLC (RSM), Carpentersville, Ill., to form the world's largest producer of thermosetting resins. All three companies are owned by affiliates of the private investment firm Apollo Management, L.P. The new company will be named Hexion Specialty Chemicals, Inc.
Hexion Specialty Chemicals is expected to include Bakelite AG, which as previously announced, Borden Chemical has agreed to acquire. The combination of Borden Chemical, RPP and RSM and the acquisition of Bakelite are expected to close in the second quarter of 2005.