COLUMBUS, OH - Hexion Specialty Chemicals Inc. has signed a definitive agreement to sell its Italian solvent-borne 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. Tenax Group plans to continue to operate the Cola di Lazise plant and to offer employment to the 44 people associated with the business. The sale represents Hexion’s exit from the European solvent-borne coatings market. Hexion continues to fully participate in the waterborne, powder coatings and coating resins markets, both in