Hexion Holdings Corporation (“Hexion” or the “Company”) announced that it has completed the sale of its epoxy-based Coatings and Composite businesses, which includes the epoxy specialty resins and base epoxy resins and intermediates product lines (together, the “Epoxy Business”) for approximately $1.2 billion to Westlake Chemical Corporation (NYSE: WLK).
Commenting on the transaction, Craig Rogerson, Chairman, President and Chief Executive Officer, said: “We are pleased to complete the sale of our Epoxy Business as part of our strategic efforts to maximize value for our shareholders and take actions that are in the best interests of all of our stakeholders. On behalf of everyone at Hexion, I would like to thank the epoxy team again for their many contributions and I am confident they will have continued success with Westlake as Epoxy’s new owner.”
With the completion of the transaction, Hexion consists of the Company’s existing Adhesives and Versatic™ Acids and Derivatives product lines. Hexion plans to continue to build on its strong momentum, driven primarily by strong new residential construction and remodeling demand in North America, continued capacity expansion progress and gains from innovative new products, as well as the need for more sustainable building and coatings materials.
Also, as previously announced in December 2021, Hexion Holdings entered into a definitive agreement to be acquired by affiliates of American Securities LLC for $30.00 per share in cash. The closing of this transaction is conditioned upon the closing of the sale of the Epoxy business to Westlake Chemical Corporation and shareholder approval, which are both now complete, as well as regulatory approvals and satisfaction of other customary closing conditions. The acquisition is expected to close in the first half of 2022.
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