Hexion Holdings Corp. recently announced that it has entered into a definitive agreement to be acquired by affiliates of private equity firm American Securities LLC for $30.00 per share in cash. 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., shareholder and regulatory approvals, and satisfaction of other customary closing conditions. Holders of a majority of the outstanding Hexion Holdings shares have agreed to support the transaction pursuant to voting agreements entered into in connection with the transaction.
After the sale of the Epoxy business, the remaining Hexion business will reportedly be a leading global producer of adhesives and performance materials. The company has 27 manufacturing facilities globally and approximately 1,300 employees.
“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,” said Craig Rogerson, chairman, president, and CEO. “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.”
“Hexion is a market leader and leverages deep chemistry and application knowledge to support its customers in diverse end markets,” said Scott Wolff, a managing director of American Securities. “The Company is well-aligned with global megatrends, including safety and sustainability requirements and regulations, population growth, and household formation. We are thrilled to partner with Hexion to support the next chapter of the Company’s growth.”
Learn more at www.hexion.com and www.american-securities.com.