Hexion says it has sold its additives technology group (ATG) to Munzing Chemie (Abstatt, Germany), a privately-held additives maker, for $50 million. The ATG business is a producer of catalysts, release agents and wetting agents for the wood, paper impregnation and laminating markets. It was a part of Hexion’s forest product resins segment.
Proceeds from the sale will be used for general corporate purposes, according to Hexion. The ATG business has production sites at Somersby, Australia and Sungai Petani, Malyasia, as well as intangible assets.
Hexion has, in the past several months, enacted price increases in epoxy resins as demand has strengthened and raw material prices have increased. The company has struggled with cash flows, despite improving volumes, due largely to debt service payments. Hexion sold its performance adhesives and coatings business to Synthomer in 2016 for $226 million.
Munzing, founded in 1830, produces a variety of dispersions, defoamers, waxes and additives. It has operations in Europe, the United States, India and China.
By Vincent Valk
Source: Chemical Week
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