Hexion Specialty Chemicals Lifts Force Majeure On Formaldehyde & Derivatives in North America
COLUMBUS, Ohio--(BUSINESS WIRE)--Hexion Specialty Chemicals announced today that its Phenolic and Forest Products Division has lifted its force majeure status for formaldehyde and formaldehyde-derived products in North America.
With this action, Hexion is eliminating any allocation restrictions for formaldehyde and formaldehyde-derived products in North America for all customers.
"We are pleased to resume normal operations to fully serve our broad North American customer base, and we appreciate our customers' patience as we worked together through this methanol shortage," said Joseph Bevilaqua, division president. "I also want to thank our commercial and sourcing teams, who leveraged our plant and logistics capabilities to continue to supply our customers during this period."
Hexion had declared force majeure on August 24 after being placed on allocation for methanol, a key raw material in the production of formaldehyde and formaldehyde-derived products. Methanol supply had been curtailed by operating outages at several major methanol production sites.
Methanol is a key raw material in the production of formaldehyde and formaldehyde-derived products used in a wide range of engineered wood resins, specialty wood adhesives and other applications.
About Hexion Specialty Chemicals
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 www.hexion.com.