COLUMBUS, Ohio - Hexion Specialty Chemicals, a supplier of thermoset resins, announced Friday its acquisition of the German resins and formaldehyde business of ARKEMA GmbH.
Terms of the agreement were not disclosed and the transaction is expected to be completed during the third quarter of 2007.
ARKEMA’s German resins and formaldehyde business manufactures formaldehyde and formaldehyde-based resins including used in the manufacture of engineered wood panels including oriented strandboard, particleboard and medium density fiberboard. The business, which has 100 employees, had 2006 revenues of about $135 million.
“The ARKEMA German resins and formaldehyde business is a tremendous fit for Hexion as we expand our forest product resins business to serve our global customer base,” said Joseph Bevilaqua, president of the company’s Phenolic & Forest Product Resins Division.
Hexion had 2006 sales of $5.2 billion and has over 7,000 employees.