Momentive Specialty Chemicals Inc. (Columbus, Ohio) and PCCR USA Inc. on June 1 finalized their agreement, first announced in April 2011, under which Momentive has sold its North American composites and coating resins business to PCCR USA, a subsidiary of Investindustrial, a European investment group headquartered in Milan, Italy. The terms of the agreement were undisclosed.
The holding companies of Momentive and Hexion Specialty Chemicals merged in late 2010 and became Momentive Specialty Chemical Inc. The sale will include manufacturing locations in Carpentersville, Ill.; Ennis, Texas; Forest Park, Ga.; and Lynwood, Calif. In 2010 the business had sales of approximately $230 million, and it currently employs 225 people, who are expected to join PCCR at closing.
Investindustrial is an independent investment group with €2.1 billion ($3.0 billion USD) in assets under management, with offices in Europe, the U.S. and Asia. Since its inception in 1990, it has successfully owned and developed several chemicals companies, including Polynt SpA (Scanzorosciate, Italy) a provider of intermediate resins, with > €600 million (>$850 million USD) of revenues in 2010 and a manufacturing presence in Europe and China.