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Business

Evonik and Hexion seek divestments

by Melody M. Bomgardner
March 12, 2018 | APPEARED IN VOLUME 96, ISSUE 11

As part of their fourth-quarter earnings reports, Evonik Industries and Hexion each told investors they plan to exit certain polymer businesses. Evonik said its methacrylates business is not growing at the pace of segments such as animal nutrition and specialty additives. The firm is looking to sell or find a partner for the business, which makes acrylic sheet and raw materials. Meanwhile, Hexion said it has begun looking for buyers for a portion of its epoxy, phenolic, and coatings resins business. The company will use the cash to reduce debt.

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