Hexion Specialty Chemicals, Inc., today announced it has signed a definitive agreement to sell its Italian solvent-borne alkyd and polyester coating resins business to an affiliate of Tenax group, an Italian-based company that produces similar products.
"We are pleased to be able to sell the business and the Cola di Lazise site operations to a buyer that intends to continue to operate the business and offer continuation of employment to site associates".
Terms of the agreement were not disclosed. The sale is expected to close in late January.
The sale will include all aspects of the business, including a production facility in Cola di Lazise, Italy. Tenax group plans to continue to operate the Cola di Lazise plant and to offer employment to the 44 people associated with the business. The sale represents Hexion's exit from the European solvent-borne coatings market. Hexion continues to fully participate in the waterborne, powder coatings and coating resins markets, both in Europe and globally.
"We are pleased to be able to sell the business and the Cola di Lazise site operations to a buyer that intends to continue to operate the business and offer continuation of employment to site associates," said Julia Harp, President, Coatings & Inks Division for Hexion.