Industry News

Momentive Announces Sale of its North American Composites & Coatings Resin Business to Investindustrial

Published on 2011-06-02. Author : SpecialChem

COLUMBUS, Ohio -- Momentive Specialty Chemicals Inc. announced that it has completed the previously announced sale of its North American composites and coating resins business to PCCR USA, a subsidiary of Investindustrial, a European investment group with operations in specialty chemicals, resins and intermediates.

The business includes manufacturing locations in Carpentersville, Ill., Ennis, Texas, Forest Park, Georgia, and Lynwood, Calif. The business has annual sales of approximately $230 million and employs 225 associates.

Advisors to Momentive on the transaction were The PrinceRidge Group LLC as transaction advisor, and O'Melveny & Myers LLP as legal advisor. Advisors to Investindustrial on the transaction were Lincoln International LLC for M&A, Duff & Phelps Securities LLC for financing, and DLA Piper LLP for legal.

About Investindustrial

Investindustrial is an independent investment group with €2.1 billion (US$3.0 billion) in assets under management with offices in Europe, United States and Asia. Since its inception in 1990, it has successfully owned and developed several chemicals companies. It currently owns Polynt, a leader in intermediate polymers and resins with more than €600 million (US$850 million) of revenues in 2010 and manufacturing presence in Europe and China.

About Momentive Specialty Chemicals Inc.

Based in Columbus, Ohio, Momentive Specialty Chemicals is one of the global leader in thermoset resins. Momentive 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.

About the new Momentive

Momentive Performance Materials Holdings LLC is the ultimate parent company of Momentive Specialty Chemicals Inc. and Momentive Performance Materials Inc. (collectively, the "new Momentive"). The new Momentive is a global leader in specialty chemicals and materials, with a broad range of advanced specialty products that help industrial and consumer companies support and improve everyday life. The company uses its technology portfolio to deliver tailored solutions to meet the diverse needs of its customers around the world. The new Momentive was formed in 2010 through the combination of entities that own Momentive Performance Materials and Hexion Specialty Chemicals. The company is controlled by investment funds affiliated with Apollo Global Management, LLC.

Source: Momentive

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