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Bakelite Synthetics will buy the formaldehyde-based phenolic resins business of Georgia-Pacific for an undisclosed sum. The business makes resins for wood products, coatings, adhesives, and other applications. It employs 600 people and operates 10 plants in North and South America. Bakelite was formed by the private equity firms Black Diamond and Investindustrial after they bought Hexion’s phenolic resins business in April for $425 million. That business has annual sales of $530 million.
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