Company to become two independent firms / New entity to own epoxy, composites businesses
Hexion (Columbus, Ohio / USA; www.hexion.com) said it plans to split itself into two standalone companies by spinning out its epoxy-based coatings and composites business in a move expected to happen before the end of the year. The name of the new company has not yet been determined, and its operations generated sales of about USD 1.1 bn (EUR 917m) in 2020.

The spinoff will be made via an initial public offering on the New York Stock Exchange, with the shares of the new company to be distributed to Hexion’s current shareholders.

The new firm’s senior management team is to be based in Rotterdam / The Netherlands and will oversee the domestic epoxy plant in Pernis and US production in Deer Park, Texas, along with other manufacturing operations in the US, Germany, Spain and South Korea.

Hexion will run the remaining business, the adhesive and versatic acid activities. It generated some USD 1.4 bn in sales in 2020.

The company, which emerged from Chapter 11 bankruptcy protection in 2019 (see Plasteurope.com of 08.07.2019), completed the USD 425m sale of its phenolic resins business to Black Diamond Capital Management in April of this year.
12.10.2021 Plasteurope.com [248745-0]
Published on 12.10.2021
Hexion: Harzsegment wird unter Ann Frederix abgespaltenGerman version of this article...

© 2001-2021 Plasteurope.com  |  Imprint  |  Privacy  |  Cookie settings

Plasteurope.com is a business information platform for the European plastics industry. It is part of KI Kunststoff Information and PIE Plastics Information Europe, one of the leading content providers for the European plastics industry. We offer daily updated business news and reports, in-depth market analysis, polymer prices and other services for the international plastics industry, including a suppliers guide, career opportunities, a trade name directory and videos.

News | Polymer Prices | Material Databases | Plastics Exchange | Suppliers Guide | Jobs | Trade Names | Videos | Associations & Institutions | Register | Advertising

PIE – Plastics Information Europe | KI – Kunststoff Information | KunststoffWeb | Plastics Material Exchange | Polyglobe | K-Profi
© 2001-2021 by Plasteurope.com, Bad Homburg
Date of print: 29.11.2021 21:57:53   (Ref: 637332894)
Text and images are subject to copyright and other laws for protection of intellectual property.
Any duplication or distribution in any media as a whole or in parts requires prior written approval by Plasteurope. URL: http://www.plasteurope.com/news/detail.asp