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Mergers & Acquisitions

Hexion will sell phenolic resins unit

by Alexander H. Tullo
October 2, 2020 | APPEARED IN VOLUME 98, ISSUE 38

 

Hexion is selling its phenolic resin, hexamine, and European forest-product resin businesses to two private equity firms—Black Diamond and Investindustrial—for $425 million. The businesses, which include the fabled Bakelite brand, generated $530 million in sales over the past 12 months. The companies expect to close the deal early next year. Black Diamond and Investindustrial merged two thermoset resin makers that they controlled, Reichhold and Polynt, in 2017.

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