COLUMBUS, OH - Momentive Specialty Chemicals Inc. has signed a definitive agreement to sell its global Ink & Adhesive Resins (IAR) business to Harima Chemicals Inc., a leading producer of pine-based products.
Terms of the agreement were not disclosed. The transaction is subject to customary conditions including governmental reviews. Closing is anticipated to occur in the first quarter of 2011.
With 2009 annual revenues of $278 million, IAR is a leading supplier of resins and additives to the graphics arts, adhesives, aroma chemical, synthetic rubber and specialty coating industries. Harima will purchase the complete business, including 11 manufacturing facilities on five continents, and the IAR global product portfolio. It is anticipated that the IAR management team and approximately 650 global associates will join Harima at closing.