Hexion Specialty Chemicals To Purchase Ink
And Adhesive Resins Business From Akzo Nobel
Monday November 28, 2:30 am ET
COLUMBUS, Ohio--(BUSINESS WIRE)--Nov. 28, 2005--Hexion Specialty Chemicals, Inc., the world's largest producer of thermoset resins, announced today that it has made an offer to purchase the global ink and adhesive resins business of Akzo Nobel.
The purchase price will be EUR 88 million. Closing will occur upon successful completion of normal governmental reviews and consultations with employee works councils.
The business produces resins used to manufacture inks for commercial printing and packaging, digital inks for laser and photocopier printing, and pressure sensitive adhesives used in tape and labeling applications. Its resins also are used in synthetic rubber, pigments, flooring, roadmarkings, diapers and other products. Its resin technologies include hard resins, alkyd resins, polyester resins, acrylic resins, resin solutions and vehicles, tackifier dispersions, and rosin esters. The business generated 2004 sales of approximately EUR 166 million, about half in Europe and the rest in North and South America and the Asia-Pacific regions. It has 10 manufacturing facilities and 560 employees.
"The acquisition of Akzo Nobel's ink and adhesive resins business demonstrates Hexion's continued commitment to leadership in the global ink and adhesive resins industry," said Jeff Nodland, president of Hexion's Coatings & Inks Division. "The combination with Hexion's existing businesses will strengthen and diversify our product capabilities and allow us to more effectively meet the needs of our customers."
The manufacturing facilities that will be acquired are located in Maastricht, The Netherlands; Santo Varao, Portugal; Toronto, Canada; Concordia, Argentina; Mt. Maunganui, New Zealand; Fengkai, and Suzhou, China; Gunsan, Korea; and in the U.S., Baxley, Georgia and Matteson, Illinois.
About Hexion Specialty Chemicals, Inc.
Based in Columbus, Ohio, Hexion Specialty Chemicals combines the former Borden Chemical, Bakelite, Resolution Performance Products and Resolution Specialty Materials companies into the global leader in thermoset resins. With 86 manufacturing and distribution facilities in 18 countries, Hexion serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. Additional information is available at www.hexionchem.com.
Hexion Specialty Chemicals, Inc.
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