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Hexion announced on September 28 that it will sell its specialty phenolic resins, Hexamine and European forest products resin businesses to European investment companies Black Diamond and Investindustrial for about $425 million.
For the trailing 12 months ended June 30, 2020, the sold businesses had combined sales of approximately $530 million and included approximately 900 employees worldwide and 11 manufacturing facilities where specialty phenolic resins and engineering Thermoset molding compound products are used in numerous end markets including construction, industrial, automotive, electronics, agriculture and consumer goods
For the trailing 12 months ended June 30, 2020, the sold businesses had combined sales of approximately $530 million and included approximately 900 employees worldwide and 11 manufacturing facilities where specialty phenolic resins and engineering Thermoset molding compound products are used in numerous end markets including construction, industrial, automotive, electronics, agriculture and consumer goods
Hexion expects to use the sale proceeds for the company's other businesses and further reduce debt
.
The transaction is scheduled to close in the first quarter of 2021, subject to regulatory approvals and other customary closing conditions, including consultation with the Industrial Relations Commission
.
