Oleochem Analytics — Hexion, a thermoset resins company based in Ohio, announced last week that it has completed the sale of its Phenolic Specialty Resin, Hexamine and European-based Forest Products Resins businesses to the alternative investment firm Black Diamond and Investindustrial, a European group of independently managed investment, holding and advisory companies.
The transaction was originally announced in September 2020, and the final sale price was approximately $425m. The consideration consists of $335m in cash and certain assumed liabilities with the remainder in future proceeds based on the performance of the business, Hexion said.
Hexion expects to use the sale proceeds to invest in its business and further reduce its debt.
