Hexion Specialty Chemicals Sells Engineering Thermoplastics Business Taroplast SpA
COLUMBUS, Ohio--(BUSINESS WIRE)--Aug. 1, 2006--Hexion Specialty Chemicals announced today that is has sold its Italian-based engineering thermoplastics business, Taroplast SpA, to Giuseppe Squeri & C., SpA. The sale includes two manufacturing facilities located in Pieveottoville and Soragna, Italy. The business had 2005 sales of approximately $45 million.
"We continue to review our business portfolio to optimize our company," said Craig O. Morrison, Chairman and CEO. "This business was our only thermoplastics operation and did not fit Hexion's strategic focus on thermoset resins and materials."
Hexion acquired the Taroplast business as part of its purchase of Bakelite AG in early 2005.
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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.
Source: Hexion Specialty Chemicals, Inc.