Hexion Holdings Corp. has entered into an agreement to be acquired by affiliates of American Securities LLC. The transaction is expected to close in the first half of 2022, following and conditioned upon the closing of the company’s previously announced sale of its epoxy business to Westlake Chemical Corp.
Hexion remains a leading global producer of adhesives and performance materials that enable the production of engineered wood products and other growing specialty materials. The company has 27 manufacturing facilities globally and 1,300 employees.
Craig Rogerson, Chairman, President and CEO, comments, “This transaction, along with the pending sale of our epoxy business, is the conclusion of a comprehensive evaluation of strategic actions aimed at maximizing value for our shareholders and best positioning the company for long-term growth. American Securities has a proven track record of partnering with leading companies and its associates to drive collaborative success. Operating under American Securities’ ownership, Hexion Holdings has a bright future and is poised to build on its momentum and continue its record of delivering innovative, high-quality products and service to customers.”
The ninth Panel & Engineered Lumber International Conference & Expo (PELICE) will feature 38 speakers, while nearly 100 exhibitor sponsors will fill the Grand Ballroom North of the Omni Atlanta Hotel at Centennial Park in downtown Atlanta, Ga. USA.
Rob Freres, president of Oregon-based Freres Engineered Wood, a manufacturer of lumber, veneer, plywood and mass timber, has thrown in his support for a lawsuit filed by the Oregon Trucking Assn. and three Oregon-based trucking companies against the state of Oregon for overcharging truckers under the weight-mile tax.
Austria-based Hasslacher group is acquiring a stake in Element5, a mass timber producer specializing in the design, manufacture and assembly of modern engineered timber buildings. Based near Toronto, Can., Element5 employs more than 100 and produces cross-laminated timber and glued laminated timber for the North American market.
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