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Hexion Specialty Chemicals Announces Post-Merger Senior Leaders

Published on 2008-03-12. Author : SpecialChem

COLUMBUS, Ohio -- Hexion Specialty Chemicals, Inc. has announced the post-merger senior leaders for the company, contingent on the close of its acquisition of Huntsman Corporation. The transaction is expected to close during the second quarter of 2008, pending receipt of regulatory approvals and the satisfaction of other closing conditions. Once the merger transaction is completed:

  • Peter R. Huntsman, President and CEO of Huntsman Corporation, will become Chairman of the Board for the combined company;
  • Craig O. Morrison, Chairman, CEO and President of Hexion Specialty Chemicals, will become President and Chief Executive Officer;
  • Donald J. Stanutz, Division President, Performance Products, of Huntsman Corporation, will become Chief Operating Officer;
  • William H. Carter, Executive Vice President and CFO for Hexion, will assume that role in the new company.

"We are pleased to have a talented and highly experienced team of chemical industry executives in place to build an industry-leading enterprise, once the transaction is completed," said Joshua J. Harris, founding partner with Apollo Management L.P. "This combination will form one of the world's largest specialty chemical companies. It will have annual sales of more than $14 billion, and more than 21,000 associates and 180 facilities around the world serving a diverse range of customers and industries with leading technologies and products."

Mr. Huntsman has served in his current role with Huntsman Corporation since July 2000 and previously served as President and Chief Operating Officer since 1994. In 1987, he joined Huntsman Polypropylene Corporation as Vice President before serving as Senior Vice President and General Manager. He has also served as President of Olympus Oil, as Senior Vice President of Huntsman Chemical Corporation and as a Senior Vice President of Huntsman Packaging Corporation, a former subsidiary of the company.

Mr. Morrison joined Borden Chemical, Inc., a predecessor company of Hexion Specialty Chemicals, in March 2002 as President and CEO. He was named Chairman in 2005. Prior to joining Hexion, he served as President and General Manager of Alcan Pharmaceutical and Cosmetic Packaging, a division of Alcan, Inc., and as President and General Manager of Van Leer Containers, Inc. He also served as a management consultant with Bain & Company, and worked in a variety of management roles within GE Plastics.

Mr. Stanutz has served in his current role as Division President, Performance Products since 2004. He also has served the Huntsman organization as Executive Vice President and Chief Operating Officer of Huntsman LLC, as Executive Vice President, Global Sales and Marketing, and as Executive Vice President, polyurethanes, PO and Performance Chemicals. Prior to joining Huntsman in 1994, Mr. Stanutz served in a variety of senior positions with Texaco Chemical Company.

Mr. Carter has served as Executive Vice President and Chief Financial Officer of Hexion Specialty Chemicals, Inc., and its predecessors, Borden Chemical, Inc., and Borden, Inc., since 1995. Prior to joining Hexion, he served as the Price Waterhouse engagement partner for Borden. He previously served Price Waterhouse in various client assignments in manufacturing, real estate and financial services.

About The Hexion-Huntsman Transaction

Hexion announced on July 12, 2007, that it had entered into a definitive agreement to acquire Huntsman Corporation in an all-cash transaction valued at approximately $10.6 billion, including the assumption of debt. The transaction was approved by Huntsman shareholders on October 16, 2007 and is subject to customary closing conditions, including regulatory approval in the U.S. and several other countries.

About Hexion Specialty Chemicals, Inc.

Based in Columbus, Ohio, Hexion Specialty Chemicals is the global leader in thermoset resins. Hexion serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion has more than 7,000 associates and over 100 manufacturing sites around the world. The company had 2006 revenues of $5.2 billion.

About Huntsman Corporation

Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Huntsman today has 14,000 employees and over 75 operations in 24 countries. The company had 2007 revenues from all operations of approximately $10 billion.

About Apollo Management

Founded in 1990, Apollo is a leading private equity and capital markets investor with more than 17 years of experience investing across the capital structure of leveraged companies. The firm employs over 175 professionals and has offices in New York, Los Angeles, London, Singapore, Frankfurt and Paris. Apollo has assets under management of more than $41 billion of capital across a wide variety of industries both domestically and internationally. The firm's most recent private equity fund, Apollo Investment Fund VI, L.P., and its co-investment affiliate have capital commitments of approximately $11.6 billion.

Forward Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the management of Hexion Specialty Chemicals, Inc. (which may be referred to as "Hexion," "we," "us," "our" or the "Company") may from time to time make oral forward-looking statements. Forward looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "will" or "intend" or similar expressions. Forward-looking statements reflect our current views about future events and are based on currently available financial, economic and competitive data and on our current business plans. Actual results could vary materially depending on risks and uncertainties that may affect our markets, services, prices and other factors as discussed in our 2006 Annual Report on Form 10-K, and our other filings, with the Securities and Exchange Commission (SEC). Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: economic factors such as an interruption in the supply of or increased pricing of raw materials due to natural disasters, competitive factors such as pricing actions by our competitors that could affect our operating margins, and regulatory factors such as changes in governmental regulations involving our products that lead to environmental and legal matters as described in our 2006 Annual Report on Form 10-K, and our other filings, with the SEC.

Source: Hexion Specialty Chemicals, Inc.


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