Hexion Specialty Chemicals To Purchase Ink And Adhesive Resins Business From Akzo Nobel.COLUMBUS, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. -- Hexion Specialty Chemicals Hexion Specialty Chemicals, Inc. is a Fortune 500 company based in Columbus, Ohio that is the world’s largest producer of binder, adhesive, coating and ink resins for industrial applications. , Inc., the world's largest producer of thermoset A polymer-based liquid or powder that becomes solid when heated, placed under pressure, treated with a chemical or via radiation. The curing process creates a chemical bond that, unlike a thermoplastic, prevents the material from being remelted. See thermoplastic. resins, announced today that it has made an offer to purchase the global ink and adhesive resins business of Akzo Nobel Akzo Nobel is a multinational company, active in the fields of healthcare products, coatings and chemicals. Headquartered in Amsterdam, the Netherlands, the company has activities in more than 80 countries, and employs approximately 62,000 people. . The purchase price will be EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 88 million. Closing will occur upon successful completion of normal governmental reviews and consultations with employee works councils. The business produces resins used to manufacture inks for commercial printing and packaging, digital inks for laser and photocopier photocopier Device for producing copies of text or graphic material by the use of light, heat, chemicals, or electrostatic charge. Most modern copiers use a method called xerography. printing, and pressure sensitive adhesives used in tape and labeling applications. Its resins also are used in synthetic rubber synthetic rubber: see rubber. , pigments, flooring, roadmarkings, diapers and other products. Its resin technologies include hard resins, alkyd resins, polyester resins, acrylic resins, resin solutions and vehicles, tackifier dispersions, and rosin rosin or colophony, hard, brittle, translucent resin, obtained as a solid residue from crude turpentine. Usually pale yellow or amber, its color may vary from brownish-black to transparent depending on the nature of the source of the crude esters. The business generated 2004 sales of approximately EUR 166 million, about half in Europe and the rest in North and South America and the Asia-Pacific regions. It has 10 manufacturing facilities and 560 employees. "The acquisition of Akzo Nobel's ink and adhesive resins business demonstrates Hexion's continued commitment to leadership in the global ink and adhesive resins industry," said Jeff Nodland, president of Hexion's Coatings & Inks Division. "The combination with Hexion's existing businesses will strengthen and diversify our product capabilities and allow us to more effectively meet the needs of our customers." The manufacturing facilities that will be acquired are located in Maastricht, The Netherlands; Santo Varao, Portugal; Toronto, Canada; Concordia, Argentina; Mt. Maunganui, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. ; Fengkai, and Suzhou, China; Gunsan, Korea; and in the U.S., Baxley, Georgia and Matteson, Illinois. About Hexion Specialty Chemicals, Inc. Based in Columbus, Ohio, Hexion Specialty Chemicals combines the former Borden Chemical, Bakelite, Resolution Performance Products and Resolution Specialty Materials companies into the global leader in thermoset resins. With 86 manufacturing and distribution facilities in 18 countries, Hexion serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. Additional information is available at www.hexionchem.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Language Statements contained in this press release may include "forward-looking statements" about the Company's financial results under the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Forward-looking statements are based on our currently available financial, economic and competitive data and on business plans. Actual results could vary materially depending on risks and uncertainties that may affect the company's operations, markets, services, prices and other factors as discussed in our filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. There is no assurance that the company's expectations will be realized. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as otherwise required by law. |
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