US Hexion’s ink resins business is on selling block - sources

29 July 2010 20:18  [Source: ICIS news]

Hexion business for saleNEW YORK (ICIS)--US-based Hexion Specialty Chemicals’ ink resins business is up for sale, sources in the financial community said on Thursday.

“The book is out and the sale process is in the second round of bidding,” said one source, referring to the collection of due-diligence documents that a for-sale firm makes available to potential buyers.

“It’s mostly financial buyers bidding,” he added.

Other sources in the financial community confirmed that the Hexion ink resins business is for sale.  However, Hexion declined to comment.

The company’s ink resins business has around $300m (€231m) in annual sales, according to sources.

The business unit for sale includes assets that Hexion’s owner, Apollo Management, bought from US-based Eastman Chemical in 2004 for $215m.

The business produces acrylic, polyamide, polyester and phenolic resins for printing inks.

Hexion is headquartered at Columbus, Ohio.

($1 = €0.77)

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