Hexion acquires Rhodia's Latex business; Offer pending on Akzo Nobel's Ink and Adhesive Resins.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. Group, Columbus, OH, has signed an agreement to purchase the Latex business activities of Rhodia, Paris, France. Rhodia's Latex business includes latex dispersions and powders, and organic foam control agents. These products, which are developed and marketed by Rhodia Coatis, are primarily used in decorative paints, specialty mortars used in the construction industry, and liquid adhesives. The business is chiefly based in Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). but also has a presence in Asia, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . It employs approximately 440 people worldwide. The sale of the latex business is part of Rhodia's plan to divest of activities considered non-strategic as it refocuses on its business portfolio. In related news, Hexion Specialty Chemicals Group has made an offer to purchase Akzo Nobel's Ink and Adhesive Resins business. The offer involves all assets and all current employees of the business, which employs about 560 people and has its global headquarters in Maastricht, Netherlands, along with production sites in seven countries including China, the U.S., and 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. . When completed, the deal will represent the first major divestment by Akzo Nobel since it announced plans to realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. its Chemicals portfolio in 2005. "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 and Inks Division. "The combination with Hexion's existing businesses will strengthen and diversify our product capabilities and allow Hexion to meet more effectively the existing and emerging requirements of our customers." |
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