Hexion Specialty Chemicals Completes Purchase Of Orica Limited’s Adhesives & Resins Business
Hexion Specialty Chemicals Completes Purchase Of Orica Limited's Adhesives & Resins Business
COLUMBUS, Ohio – (January 31, 2007) – Hexion Specialty Chemicals, Inc. announced today that it has completed its purchase of the adhesives and resins business of Orica Limited. The purchase price was not disclosed.
The Orica adhesives and resins business manufactures formaldehyde and formaldehyde-based binding resins used primarily in the forest products industry. The business includes three manufacturing facilities located in Deer Park (Victoria) Australia, and Mountview and Hornby, New Zealand. The business had 2005 sales of $104 million and employs 100 people. “We are delighted to complete this transaction and welcome the business and its associates into Hexion,” said Craig O. Morrison, Chairman and CEO. “This acquisition strengthens our presence in the Asia-Pacific region and will enable us to expand our service to the forest products marketplace.” The Orica business produces formaldehyde and downstream resin systems including ureaformaldehyde, melamine-formaldehyde, phenol-formaldehyde and additional formulations. These products are used primarily to produce wood panels such as particleboard, medium-density fiberboard and plywood. Its resins also are used in overlays for laminates and veneers, in engineered timber products such as laminated veneer lumber and finger joinery, and in insulation applications.
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 at www.hexion.com.
About Orica Limited
Orica is a publicly listed Australian company operating in over 50 countries with annual sales of about US$3 billion. It is the leader in its chosen markets, globally in commercial explosives and regionally in chemicals and paints. Additional information is available at www.orica.com.
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