Hexion Specialty Chemicals Completes Acquisition of German Resins Business From Arkema
COLUMBUS, Ohio – (November 1, 2007) – Hexion Specialty Chemicals, Inc., the world's leading producer of thermoset resins, announced today that it has completed its acquisition of the German resins and formaldehyde business of Arkema GmbH.
The business is based in the Leuna industrial park in Leuna, Germany, employs 100 people and generated revenues of € 101 million in 2006. It manufactures formaldehyde and formaldehyde-based resins including urea-formaldehyde, melamine-urea-phenol-formaldehyde and other melamine-based resin systems. These resins are used to manufacture engineered wood panels such as oriented strandboard, particleboard and medium density fiberboard. It also produces impregnation resins used to laminate decorative paper surfaces to wood products. Hexion announced an agreement in late May to acquire the Arkema business.
“We are pleased to welcome this business and its associates into the Hexion organization,” said Dale Plante Hexion vice president, Forest Products – Europe. “The Leuna operation and its team of people will strengthen Hexion's position in the European wood products market, particularly in the important German marketplace.”
Plante will serve as managing director of the business, which has been renamed Hexion Specialty Chemicals Forest Products GmbH. It will become part of Hexion's global forest product resins network, which serves producers of engineered wood products around the world.
About Hexion Specialty Chemicals, Inc.
Based in Columbus, Ohio, Hexion Specialty Chemicals is the global leader in thermoset resins. Hexion's broad range of binding, bonding and coating resins, adhesives and specialty products are used by manufacturers around the world in a diverse range of industries and applications. Hexion had 2006 sales of $5.2 billion and employs more than 7,000 associates. Additional information is available at www.hexion.com.
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