Hexion to Sell Solvent-Borne Alkyd and Polyester Coating Resins Business

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.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Hexion Inc.. (2019, February 10). Hexion to Sell Solvent-Borne Alkyd and Polyester Coating Resins Business. AZoM. Retrieved on May 29, 2020 from https://www.azom.com/news.aspx?newsID=20420.

  • MLA

    Hexion Inc.. "Hexion to Sell Solvent-Borne Alkyd and Polyester Coating Resins Business". AZoM. 29 May 2020. <https://www.azom.com/news.aspx?newsID=20420>.

  • Chicago

    Hexion Inc.. "Hexion to Sell Solvent-Borne Alkyd and Polyester Coating Resins Business". AZoM. https://www.azom.com/news.aspx?newsID=20420. (accessed May 29, 2020).

  • Harvard

    Hexion Inc.. 2019. Hexion to Sell Solvent-Borne Alkyd and Polyester Coating Resins Business. AZoM, viewed 29 May 2020, https://www.azom.com/news.aspx?newsID=20420.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit