US Momentive sells ink, adhesive-resin unit to Harima for $120m

04 February 2011 22:19  [Source: ICIS news]

HOUSTON (ICIS)--US-based Momentive Specialty Chemicals revealed on Friday that it sold its ink and adhesive-resin business to Harima Chemicals for $120m (€88m).

The business supplies resins and additives to companies that produce adhesives, aroma chemicals, synthetic rubber and specialty coatings, Momentive said.

The business has 11 plants and 650 employees, the company said. Sales were $279m in 2009.

Momentive, formerly known as Hexion Specialty Chemicals, is owned by Apollo Management.

Harima is based in Japan and makes pine-based products, synthetic resins and paper chemicals.

($1 = €0.73)

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By: Al Greenwood
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