Resin supplier Momentive sells N. American business to PCCR
Canadian Plastics
Economy Plastics Industry Economic Changes/ForecastMaterial supplier Momentive Specialty Chemicals will sell its North American composites and coating resins business to PCCR USA, a subsidiary of European investment group Investindustrial.
Material supplier Momentive Specialty Chemicals will sell its North American composites and coating resins business to PCCR USA, a subsidiary of European investment group Investindustrial.
Terms of the agreement were not disclosed.
With a manufacturing presence in 13 countries, Investindustrial has operations in specialty chemicals, resins and intermediates.
The Momentive business to be purchased by PCCR includes manufacturing locations in Carpentersville, Ill., Ennis, Texas, Forest Park, Georgia, and Lynwood, Calif. Momentive reported 2010 sales of approximately US$230 million.
Formerly known as Hexion Specialty Chemicals, Momentive employs 225 workers, all of whom are expected to join PCCR at closing.
“This business is an excellent fit with our existing operations in specialty chemicals and will provide us with a significant new presence in the North American marketplace in this industry,” said Andrea C. Bonomi, chairman of Investindustrial.
