Hexion to split in two

Hexion Holdings plans to split itself into two companies later this year. One firm will run Hexion’s adhesive and versatic acid business. It will have about $1.4 billion in annual sales and keep the Hexion Holdings name. As previously stated, it plans an initial public stock offering on the New York Stock Exchange. The other firm will include Hexion’s coatings and composites business, which makes epoxy-based materials. It will have about $1.1 billion in sales and be named later; its stock will be distributed to Hexion’s current private shareholders. Last year, Hexion sold its phenolic resins business to Black Diamond Capital Management for $425 million.