Hexion Inc. announced it has sold its Additives Technology Group (ATG) business to MÜNZING CHEMIE GmbH (MÜNZING), a privately-owned specialty additive company headquartered in Abstatt, Germany. The Company received approximately $50 million in proceeds from the transaction, which is subject to customary post-closing adjustments.
Hexion will use the sale proceeds for general corporate purposes. The Transaction involved the sale of two manufacturing sites located in Somersby, Australia and Sungai Petani, Malaysia, along with certain intangible property. These sites produce a range of specialty chemical materials for the engineered wood, paper impregnation and laminating industries, including catalysts, release agents and wetting agents.
The ATG business operated within Hexion’s Forest Products Resins Segment. No other terms of the transaction were announced.
“We are pleased to successfully complete the sale of our ATG business,” said Craig A. Rogerson, Chairman, President and CEO. “We continue to position the Company for profitable growth by strategically managing our portfolio and optimizing our cost structure.”