Momentive Specialty Chemicals To Raise Prices For Alkyd and Oil Modified Polyurethane Resins in North America
COLUMBUS, Ohio - (November 23, 2010) - Momentive Specialty Chemicals announced today that its North America coatings business will implement a price increase for alkyd and oil modified polyurethane resins effective for orders shipped on or after December 10, 2010 or as contracts allow. The action is necessary due to ongoing cost escalation of key raw materials used in the production of these resins. Oil modified polyurethane resins will be increased $0.04 cents per pound, and alkyds will be increased $0.04 to $0.08 per pound depending on type and oil involved.
The company has experienced significant cost increases for many of the solvents and other key raw materials used in these resins such as phthalic anhydride, isophthalic acid, and various oils including coconut oil, sunflower oil, and in particular soybean oil.
About Momentive Specialty Chemicals Inc.
Based in Columbus, Ohio, Momentive Specialty Chemicals is the global leader in thermoset resins. Momentive 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.momentive.com.
About the new Momentive
Momentive Performance Materials Holdings LLC is the ultimate parent company of Momentive Specialty Chemicals Inc. and Momentive Performance Materials Inc. (collectively, the “new Momentive”). The new Momentive is a global leader in specialty chemicals and materials, with a broad range of advanced specialty products that help industrial and consumer companies support and improve everyday life. The company uses its technology portfolio to deliver tailored solutions to meet the diverse needs of its customers around the world. The new Momentive was formed in 2010 through the combination of entities owned by Momentive Performance Materials and Hexion Specialty Chemicals. The company is controlled by investment funds affiliated with Apollo Global Management, LLC. Additional information about the new Momentive and its products is available at www.momentive.com and at www.hexion.com.
Robert W. Page, Jr.
Marketing Manager, North America Coatings