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Borden Chemical, Resolution merge to form Hexion Specialty Chemicals.

Borden Chemical, Inc., Resolution Performance Products LLC, and Resolution Specialty Materials LLC have announced the completion of their merger to form Hexion Specialty Chemicals, Inc. All three businesses are owned by affiliates of Apollo Management, L.P., a private investment firm. The new Hexion Specialty Chemicals also includes Bakelite AG, a company that Borden Chemical previously announced they would be acquiring.

This resultant company, Hexion Specialty Chemicals, is now reportedly the world's largest producer of thermosetting resins. It has 86 plants in 18 countries and is headquartered in Columbus, OH. Hexion's president and CEO is Craig Morrison, who previously held these positions with Borden Chemical.

Apollo Management plans to take the combined Hexion company public through an initial public offering of stock later this year.
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Title Annotation:Business & Industry
Publication:JCT CoatingsTech
Geographic Code:1USA
Date:Aug 1, 2005
Words:125
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