Ohio-based Hexion Inc. has sold its additives technology group (ATG) business to Münzing Chemie GmbH, a privately-owned specialty additive company headquartered in Abstatt, Germany.
In an 11 Jan statement, the US speciality chemicals said the $50m (€41m) transaction involved the sale of two manufacturing sites located in Somersby, Australia and Sungai Petani, Malaysia, along with “certain intangible property”. No other terms of transaction were announced.
Hexion said that the ATG business operated within its forest products resins segment.
The two manufacturing sites involved in the transaction produce a range of speciality chemical materials for the engineered wood, paper impregnation and laminating industries, including catalysts, release agents and wetting agents.
Hexion is controlled by investment funds affiliated with Apollo Global Management, and manufactures thermoset resins, specialty products, and technical support for customers in various applications and industries.
Münzing is active in more than 40 countries, with production facilities and technical service centres in Germany, the U.S. and Asia.