US Momentive to sell ink and adhesives business to Japan's Harima

30 November 2010 15:36  [Source: ICIS news]

TORONTO (ICIS)--Momentive Specialty Chemicals has agreed to sell its global ink and adhesive resins business to Japan’s Harima Chemicals for an undisclosed sum, the US-based producer said on Tuesday.

Momentive's global ink and adhesive resins business has 11 plants worldwide and generated $278m (€211m) last year, it said.

Around 650 Momentive workers would join Harima after the deal was closed, the company added.

The deal is expected to close in the first quarter of 2011.

“This business, much of which is based on pine chemicals technology, is a great fit with our existing company and will further extend our global presence in this sector,” said Harima president Yoshihiro Hasegawa. 

Brad Crocker, vice president and general manager of Momentive’s ink and adhesive resins business, said the sale to Harima would create one of the world’s largest pine chemical companies. 

($1 = €0.76)

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By: Stefan Baumgarten
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