Momentive completes sale of N America composites, coatings unit to European group

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.

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