Hexion Specialty Chemicals Acquires Wax Compounds Business From Rohm and Haas Company
COLUMBUS, Ohio - (March 1, 2006) - Hexion Specialty Chemicals, Inc., the world's largest producer of thermoset resins, announced today that it has purchased the global wax compounds business of Rohm and Haas Company. Terms of the transaction were not disclosed.The purchase includes Rohm and Haas Company's wax compounds technology and product lines, manufacturing equipment and other business assets. The products include wax compounds for sheet-fed and heat-set printing processes, as well as solvent-based compounds and water-bsed wax emulsions, with applications in the printing inks and coatings industries.
Rohm and Haas Company currently produces these materials in Semoy, France. Hexion Specialty Chemicals will transfer production to its manufacturing locations.
"We are excited to announce the acquisition of the Rohm and Haas Company wax compounds technologies and products. These technologies enrich our existing wax compounds product line and will allow Hexion to bring a deeper and broader array of products and solutions to our customers," said Sarah Coffin, President for Hexion's Performance Products & Inks Division.
"The sale of our wax additives business to Hexion Specialty Chemicals allows Rohm and Haas to better focus its efforts on our core emulsions technologies," noted Luis Fernandez, Vice President and Business Unit Director for Rohm and Haas Company's Architectural and Functional Coatings business.
Safe Harbor Language
Statements contained in this press release may include "forward-looking statements" about the Company's financial results under the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Forward-looking statements are based on our currently available financial, economic and competitive data and on business plans. Actual results could vary materially depending on risks and uncertainties that may affect the company's operations, markets, services, prices and other factors as discussed in our filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. There is no assurance that the company's expectations will be realized. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as otherwise required by law.
About Hexion Specialty Chemicals, Inc.
Based in Columbus, Ohio, Hexion Specialty Chemicals combines the former Borden Chemical, Bakelite, Resolution Performance Products and Resolution Specialty Materials companies into 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. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. Additional information is available at hexion.com.
About Rohm and Haas Company
Leading the way since 1909, Rohm and Haas is a global pioneer in the creation and development of innovative technologies and solutions for the specialty materials industry. The company's technologies are found in a wide range of markets including: Building and Construction, Electronics, Food and Retail, Household and Personal Care, Industrial Process, Packaging, Paper, Transportation and Water. Our innovative technologies and solutions help to improve life everyday, around the world. Based in Philadelphia, PA, the company generated annual sales of approximately $8 billion in 2005. Visit rohmhaas.com for more information.
Hexion Specialty Chemicals, Inc. Contact:
Vice President, Public Affairs
614 225 4127
Rohm and Haas Company Contact:
Coatings Business Group
215 592 2908