Issue Date: April 25, 2011
Momentive To Sell Resins Businesses
Momentive Specialty Chemicals has signed a definitive agreement to sell its North American composites and coatings resins business to Investindustrial, a European private equity firm. Included in the sale are plants in Carpentersville, Ill.; Ennis, Texas; Forest Park, Ga.; and Lynwood, Calif. The sites collectively employ 225 people and generated sales of $230 million in 2010. Investindustrial, with $3 billion in assets, also owns Polynt, an Italian chemical intermediates and resins maker that was once part of Lonza. Polynt had $850 million in sales last year.
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