Momentive Specialty Chemicals said Wednesday that it had completed the previously-announced sale of its North American composites and coating resins business to PCCR USA, a subsidiary of European investment group Investindustrial.
The business includes manufacturing locations in Carpentersville, Ill., Ennis, Texas, Forest Park, Georgia, and Lynwood, Calif.
The business has annual sales of approximately $230mn and employs 225 associates.
Advisors to Momentive on the transaction were The PrinceRidge Group as transaction advisor, and O'Melveny & Myers as legal advisor.
Advisors to Investindustrial on the transaction were Lincoln International for M&A, Duff & Phelps Securities for financing, and DLA Piper for legal.