Momentive Specialty Chemicals today announced that Momentive Specialty Chemicals ("MSC Australia"), a wholly owned subsidiary of the company, has acquired Dynea Chemical's interest in the Dynea Australia joint venture with the Laminex Group. The new joint venture, known as Momentive Specialty Chemicals Australia ("JV"), is owned 50% by Momentive Specialty Chemicals and 50% by Laminex.

The JV provides formaldehyde and urea formaldehyde resins to Laminex, as well as other products to industrial customers in Western Australia. MSC Australia will manage the day-to-day operations of the JV, as well as provide industry leading technology to the JV. Laminex is a marketer and manufacturer of decorative surfaces in Australia and New Zealand. Laminex also produces raw wood panels, a vital product for decorative surfaces.

The JV, which has 30 employees, generated approximately $30 million in sales in 2011. Terms of the transaction were not disclosed