Hexion Specialty Chemicals to Raise Prices for Coating Resins
COLUMBUS, Ohio--(BUSINESS WIRE)--March 30, 2006--Hexion Specialty Chemicals announced today it will increase the off-list price of all solvent based and waterborne Coating Resins in North America effective for all shipments on April 29 or as contracts allow.
Prices of all alkyd, polyester, acrylic, urethane, water reducible and waterborne resins sold into the paint and coatings markets will increase by $0.03 - $0.05/lb. depending on the product line. Hexion will also be increasing the price of dry defoamers sold into the North American construction markets by $0.05/lb. Customers will be contacted by their Sales Representatives with specific details.
"This increase is necessitated by the continued escalation of all costs related to the manufacture and delivery of these products," said Mark C. Walter, Business Manager, Coating Resins-Americas. "Our ongoing efforts to improve operational efficiency across this business have been significant and yielded solid results, but we can no longer rely solely on internal initiatives to combat these escalating costs and sustain a level of profitability necessary to support reinvestment. Hexion is committed to continuing our efforts to control costs while providing the necessary technology and business solutions to our customers."
Forward Looking Statements
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
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.hexionchem.com.
Mark C. Walter
Business Manager, Coating Resins, Americas, Hexion Specialty Chemicals
Peter F. Loscocco
Vice President, Public Affairs, Hexion Specialty Chemicals
Source: Hexion Specialty Chemicals