Momentive to sell North America composites, coatings business to European investment group
Momentive Specialty Chemicals will sell its North American composites and coating resins business to PCCR USA, a subsidiary of Investindustrial, the companies announced on Monday.
Terms of the agreement were not disclosed. Investindustrial is an European investment group with operations in specialty chemicals, resins and intermediates.
The transaction is subject to customary conditions, including governmental reviews.
The Momentive business to be purchased by PCCR includes manufacturing locations in Carpentersville, Ill., Ennis, Texas, Forest Park, Georgia, and Lynwood, Calif. The business had 2010 sales of approximately $230 million and employs 225 people, who are anticipated 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.
Momentive, formerly known as Hexion Specialty Chemicals, is owned by Apollo Management.
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