Hexion Specialty Chemicals, Inc., the world's largest producer of thermoset resins, announced today that it has made an offer to purchase the global ink and adhesive resins business of Akzo Nobel.
The purchase price will be €88 million ($100 million). Closing will occur upon successful completion of normal governmental reviews and consultations with employee works councils.
The business produces resins used to manufacture inks for commercial printing and packaging, digital inks for laser and photocopier printing, and pressure sensitive adhesives used in tape and labeling applications. The business generated 2004 sales of approximately €166 million ($190 million), about half in Europe and the rest in North and South America and the Asia-Pacific regions. It has 10 manufacturing facilities and 560 employees.
“The acquisition of Akzo Nobel’s ink and adhesive resins business demonstrates Hexion's continued commitment to leadership in the global ink and adhesive resins industry," said Jeff Nodland, president of Hexion's Coatings & Inks Division. "The combination with Hexion's existing businesses will strengthen and diversify our product capabilities and allow us to more effectively meet the needs of our customers."