Hexion (Columbus, Ohio / USA; www.hexion.com
) said it plans to split itself into two standalone companies by spinning out its epoxy-based coatings and composites business in a move expected to happen before the end of the year. The name of the new company has not yet been determined, and its operations generated sales of about USD 1.1 bn (EUR 917m) in 2020.
The spinoff will be made via an initial public offering on the New York Stock Exchange, with the shares of the new company to be distributed to Hexions current shareholders.
The new firms senior management team is to be based in Rotterdam / The Netherlands and will oversee the domestic epoxy plant in Pernis and US production in Deer Park, Texas, along with other manufacturing operations in the US, Germany, Spain and South Korea.
Hexion will run the remaining business, the adhesive and versatic acid activities. It generated some USD 1.4 bn in sales in 2020.
The company, which emerged from Chapter 11 bankruptcy protection in 2019 (see Plasteurope.com of 08.07.2019
), completed the USD 425m sale of its phenolic resins business to Black Diamond Capital Management in April of this year.