Hexion Announces Plans To Sell Italian Solvent-borne Coating Resins Business to Tenax
COLUMBUS, Ohio - (January 20, 2010) - Hexion Specialty Chemicals, Inc., today announced it has signed a definitive agreement to sell its Italian solvent-borne alkyd and polyester coating resins business to an affiliate of Tenax group, an Italian-based company that produces similar products.
Terms of the agreement were not disclosed. The sale is expected to close in late January.
The sale will include all aspects of the business, including a production facility in Cola di Lazise, Italy. Tenax group plans to continue to operate the Cola di Lazise plant and to offer employment to the 44 people associated with the business. The sale represents Hexion’s exit from the European solvent-borne coatings market. Hexion continues to fully participate in the waterborne, powder coatings and coating resins markets, both in Europe and globally.
"We are pleased to be able to sell the business and the Cola di Lazise site operations to a buyer that intends to continue to operate the business and offer continuation of employment to site associates," said Julia Harp, President, Coatings & Inks Division for Hexion.
About Hexion Specialty Chemicals, Inc.
Based in Columbus, Ohio, Hexion Specialty Chemicals is the global leader in thermoset resins. 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. Additional information is available atwww.hexion.com.
Forward Looking Statements
Certain statements in this presentation are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the management of Hexion Specialty Chemicals, Inc. (which may be referred to as "Hexion," "we," "us," "our" or the "Company") may from time to time make oral forward-looking statements. Forward looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "will" or "intend" or similar expressions. Forward-looking statements reflect our current views about future events and are based on currently available financial, economic and competitive data and on our current business plans. Actual results could vary materially depending on risks and uncertainties that may affect our markets, services, prices and other factors as discussed in our 2008 Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission (SEC). Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: economic factors such as the current credit crises and economic downturn and their related impact on liquidity and the industry sectors we serve, or an interruption in the supply of or increased pricing of raw materials; competitive factors such as pricing actions by our competitors that could affect our operating margins; and regulatory factors such as changes in governmental regulations involving our products that lead to increased manufacturing costs and environmental and legal matters as described in our 2008 Annual Report on Form 10-K and in our other reports filed with the SEC.
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