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Westlake Chemical acquires Hexion epoxy resin business for $1.
2 billion
On November 24, Westlake Chemical announced that it had reached an agreement to acquire the global epoxy resin business
of Hexion Corporation of the United States (hereinafter referred to as "Hexion ") for about 1.
2 billion US dollars (about 7.
66 billion yuan).
The transaction is expected to close
in the first half of 2022.
Westlake Chemical said the deal will expand the company's integrated business by adding a portfolio of downstream coatings and composites products to its vinyl chloride business and provide opportunities for the company to expand into high-growth epoxy resin markets, including applications
in wind turbine blades, automotive lightweighting, aerospace and consumer coatings.
Hexion is headquartered in Rotterdam, the Netherlands, manufacturing and developing specialty resins, coatings and composites
.
The transaction includes eight manufacturing facilities and five R&D labs
in Asia, Europe and the United States.
For the 12 months ended September 30, 2021, Hexion epoxy business had net sales of approximately $1.
5 billion
.
