Hexion Inc. has completed the sale of its phenolic specialty resins, hexamine, and European-based forest products resins businesses to Black Diamond and Investindustrial for approximately $425 million. As part of the divestment, the Bakelite brand has returned to Europe, with Bakelite Synthetics becoming the company name. Bakelite Synthetics now operates 11 manufacturing facilities worldwide, including sites in Germany, the UK, the Netherlands, Spain, Italy, Finland, and Russia. The company's products are used to transform renewable resources into highly engineered products, supporting the transition to a carbon-neutral economy and developing more sustainable applications.
Hexion Inc. Completes Sale of Phenolic Specialty Resins, Hexamine and European-based Forest Products Resins Businesses to Black Diamond and Investindustrial. Brand name Bakelite returns to Europe
The sale of these operations to investment companies Black Diamond and Investindustrial for approximately $425 million was completed in the spring.
The Bakelite brand is also part of the divested portfolio. As of May 1, the Brand name is back in Europe. And Bakelite Synthetics is the company name.
The company is headquartered in Louisville, Kentucky. Approximately 900 employees work at 11 manufacturing facilities worldwide. In North America, Bakelite Synthetics acquired Hexion's former phenol and commercial formaldehyde business, which was served by the Louisville, KY, site, and Hexion's hexamine business, which was served by the Acme, N.C., site. In addition to the Iserlohn and Frielendorf sites in Germany, Bakelite also has sites in Europe in Barry and Cowie (U.K.), Botlek (Netherlands), Lantaron (Spain), Solbiate (Italy) and Kitee (Finland), as well as Hexion's former interest in a joint venture with Shchekinoazot in Tula (Russia).
Bakelite Synthetics products are often used to transform renewable resources such as wood into highly engineered products, facilitating the transition to a carbon-neutral economy. Other applications aimed at developing more sustainable products include: Products that make buildings more fire resistant; new products that realize the future of transportation from electric cars to space travel; and applications that support the production of life-sustaining plants. The company's commercial, technical and product teams are passionate about partnering with its customers to achieve their sustainability goals.