15 October 2008 15:54 [Source: ICIS news]
PRAGUE (ICIS news)--Spolchemie will retain its current management and does not anticipate any redundancies in the event of it successfully acquiring the specialty epoxy resins business of America’s Hexion Specialty Chemicals, the Czech synthetic resins producer said on Wednesday.?xml:namespace>
“We recognise the value of our staff,” Spolchemie said, adding “we have appointed a full time integration manager and are working with Hexion to ensure a smooth transition of ownership”.
The acquisition remained dependent on the closing of Hexion’s disputed merger with Huntsman and would be made by CHS Resins, a subsidiary especially created for the purpose, Spolchemie added.
Under a US Federal Trade Commission (FTC) order, Hexion must dispose of is specialty epoxy resins business to a suitable buyer prior to its takeover of Huntsman in order to comply with competition rulings.
“We plan to retain current product names for a period after the acquisition, this is agreed with Hexion,” Spolchemie said.
“We believe the combined business will be a strong future competitor of the merged Hexion-Huntsman as the [existing Spolchemie and Hexion] epoxy businesses are complimentary with very little overlap between them,” it added.
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