Hexion Completes Phenolic Resins Sale
Columbus, Ohio, USA-based Hexion, which supplies the global adhesive, coatings, composites and industrial markets, said it plans to use the proceeds to invest in its business and further reduce debt. CEO Craig Rogerson added that the sale strengthens the company’s balance sheet while maintaining a strong specialty chemical portfolio going forward.
Investindustrial is a European group of independently managed investment, holding and advisory companies with €11 billion of raised fund capital. Black Diamond based in Stamford, Connecticut, focuses on underwriting, trading, restructuring and managing stressed, distressed and private equity investments. Funds managed by the two investors own equal shares in Polynt-Reichhold, formed in 2017 from the merger between Italy’s Polynt and US-based Reichhold.
Author: Dede Williams, Freelance Journalist