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
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.