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Westlake Chemical Picks up Hexion Epoxy Resin Business for $1.2 Billion
November 29, 2021

Westlake Chemical Corporation entered into a definitive agreement last week to acquire Hexion's global epoxy business for approximately $1.2 billion.

Based in The Netherlands, Hexion Epoxy is a global producer of epoxy resins, modifiers and curing agents for high-performance materials, coatings and composites. The fully-integrated business includes upstream base epoxy resins and intermediates delivered as liquid or solid epoxy resins, as well downstream specialty epoxy resins used in coatings and composites.

Westlake said the acquisition will significantly expand its integrated business by adding a downstream portfolio of coatings and composite products to its chloro-vinyls businesses.

"The industries served by Hexion Epoxy are very attractive to Westlake and the business is expected to be a synergistic addition to Westlake's existing businesses," added Westlake President and CEO Albert Chao.

In the twelve months ended September 30, 2021, Hexion's epoxy business had net sales of approximately $1.5 billion. The epoxy business operates globally on three continents with eight manufacturing facilities and five research and development labs located in Asia, Europe, and the United States, as well as tolling sites in Asia.

The transaction is expected to be complete in the first half of 2022 following customary closing conditions.

By Brian Balboa for The Plastics Exchange.

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