Hexion
{{Short description|American chemical company}}
{{Primary sources|date=March 2015}}
{{Infobox company
| name = Hexion Inc.
| logo = Logo of Hexion.png
| caption =
| type = Public
| traded_as =
| fate =
| predecessor = Momentive Specialty Chemicals, Borden Chemical
| successor =
| foundation = 1899
| founder =
| defunct =
| location_city = Columbus, Ohio
| location_country =
| locations = ~ 66
| area_served =
| industry = Chemical
| products = Chemicals
| services =
| revenue = ~ $3.8 billion (2019)
| operating_income =
| net_income =
| assets =
| equity =
| owner =
| num_employees_year = 2017
| parent =
| divisions =
| subsid =
| homepage = {{URL|http://www.hexion.com/}}
| footnotes =
| key_people = Craig A. Rogerson (CEO)
}}
Hexion Inc. or Hexion (previously Momentive Specialty Chemicals){{Cite web|url=http://fortune.com/fortune500/hexion/|title=Hexion|website=Fortune|access-date=2019-02-08|archive-date=2019-02-09|archive-url=https://web.archive.org/web/20190209125632/http://fortune.com/fortune500/hexion/|url-status=dead}} is a chemical company based in Columbus, Ohio. It produces thermoset resins and related technologies and specialty products.
Hexion is organized into two divisions: the Epoxy, Phenolic and Coating Resins Division, and the Forest Products Division.
Hexion offers resins for a wide range of applications like Abrasives, Adhesives, Chemical Intermediates, Civil Engineering, Coatings, Composites, Crop Protection, Electrical/Electronics, Engineered Wood, Fertilizers and Pesticides, Fibers and Textiles, Foams, Friction Materials, Furniture, Molding Compounds, Oilfield, Oriented Strand Board, Particleboard and Fiberboard, Plywood and Laminated Veneer Lumber and Refractories.
Corporate structure
Hexion Specialty Chemicals, Inc was formed in 2005 through the merger of Borden Chemicals, Resolution Performance Products, Resolution Specialty Materials, and Bakelite AG. At that time they also acquired Pacific Epoxy Products.{{Cite web|title=Pacific Epoxy Polymers, Inc.|url=https://gracematthews.com/Case-Studies/Pacific-Epoxy-Polymers-Inc.htm|access-date=2022-02-11|website=gracematthews.com|archive-date=2022-02-11|archive-url=https://web.archive.org/web/20220211135801/https://gracematthews.com/Case-Studies/Pacific-Epoxy-Polymers-Inc.htm|url-status=dead}} In 2010, the parent holding companies of Momentive Performance Materials Inc. and Hexion Specialty Chemicals Inc. merged to form Momentive Performance Materials Holdings LLC.{{Cite web|date=September 17, 2010|first=Amanda|last=Jacob|url=http://www.materialstoday.com/composite-industry/news/momentive-and-hexion-announce-merger/|title=Momentive and Hexion announce merger|work=Materials Today|access-date=2016-09-29|archive-date=2016-10-02|archive-url=https://web.archive.org/web/20161002120738/http://www.materialstoday.com/composite-industry/news/momentive-and-hexion-announce-merger/|url-status=dead}} In 2015, this combined company renamed itself to Hexion Inc.
In February 2020, Hexion Inc. announced that it has entered into a definitive agreement to sell its manufacturing site in Yumbo, Colombia to a joint venture led by Master Paints & Chemical Corporation.{{Cite web|url=https://finance.yahoo.com/news/hexion-inc-announces-sale-colombia-210300876.html|title=Hexion Inc. Announces Sale of Colombia Manufacturing Site|website=finance.yahoo.com|language=en-US|access-date=2020-02-25}}{{Cite web|url=http://www.european-coatings.com/Markets-companies/Coatings-market/Hexion-announces-sale-of-Colombia-manufacturing-site|title=Hexion announces sale of Colombia manufacturing site|last=KG|first=Vincentz Network GmbH & Co|website=European Coatings|language=en-GB|access-date=2020-03-03}}
Acquisition by Westlake
In February 2022, it was announced the company epoxy division acquisition by Westlake was complete.{{Cite web|date=February 2022|title=Westlake to Acquire Hexion's Global Epoxy Business|url=https://www.westlake.com/news/westlake-acquire-hexions-global-epoxy-business|website=Westlake}}{{Cite web|title=Hexion Holdings Announces Agreement to Sell Epoxy Businesses to Westlake Chemical {{!}} Hexion|url=https://investors.hexion.com/news-releases/news-release-details/hexion-holdings-announces-agreement-sell-epoxy-businesses|access-date=2022-02-11|website=investors.hexion.com|language=en|archive-date=2022-02-11|archive-url=https://web.archive.org/web/20220211153603/https://investors.hexion.com/news-releases/news-release-details/hexion-holdings-announces-agreement-sell-epoxy-businesses|url-status=dead}}{{Cite web|title=Westlake Chemical completes Hexion epoxy business acquisition|url=https://www.compositesworld.com/news/westlake-chemical-completes-hexion-epoxy-business-acquisition|access-date=2022-02-11|website=www.compositesworld.com|date=4 February 2022 |language=en}}{{Cite web|url=https://cen.acs.org/business/mergers-acquisitions/Hexions-epoxy-unit-Westlake-Chemical/99/i44|title=Hexion's epoxy unit is going to Westlake Chemical|access-date=2022-02-11|website=cen.acs.org}}
See also
References
{{Reflist}}
External links
- {{Official website|http://www.hexion.com/}}
{{Authority control}}
Category:Companies based in the Columbus, Ohio metropolitan area
Category:Chemical companies of the United States
Category:Private equity portfolio companies
Category:Apollo Global Management companies
Category:2005 mergers and acquisitions
Category:Companies that filed for Chapter 11 bankruptcy in 2019
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