Hexion Sells Additives Technology Business to Munzing
Hexion Inc has sold its additives technology group (ATG) business to Munzing Chemie GmbH (Munzing), a privately-owned speciality additive company headquartered in Abstatt, Germany. The company received approximately $50 million in proceeds from the transaction.
The transaction involved the sale of two manufacturing sites located in Somersby, Australia and Sungai Petani, Malaysia, along with certain intangible property. These sites produce a range of speciality chemical materials for the engineered wood, paper impregnation and laminating industries, including catalysts, release agents and wetting agents. The ATG business operated within Hexion’s forest products resins segment.
“We are pleased to successfully complete the sale of our ATG business. We continue to position the Company for profitable growth by strategically managing our portfolio and optimizing our cost structure,” said Craig Rogerson, chairman, president and CEO, Hexion.
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