Hexion to sell Phenolic Specialty Resins, Hexamine and European-based Forest Products Resins businesses to Black Diamond and Investindustrial for $425 million
COLUMBUS, OH, Sept. 28, 2020 (Press Release) -Hexion Inc. (“Hexion” or the “Company”) today announced that it has entered into a definitive agreement to sell its Phenolic Specialty Resin, Hexamine and European-based Forest Products Resins businesses for approximately $425 million to Black Diamond and Investindustrial. The consideration consists of $335 million in cash and certain assumed liabilities with the remainder in future proceeds based on the performance of the business.