Momentive Specialty Chemicals Inc. Acquires Interest in Strategic Forest Products Joint Venture with the Laminex Group
COLUMBUS, Ohio - - Momentive Specialty Chemicals Inc. (“Momentive Specialty Chemicals” or the “Company”) today announced that Momentive Specialty Chemicals Pty Ltd. (“MSC Australia”), a wholly owned subsidiary of the Company, has acquired Dynea Chemical OY’s interest in the Dynea Australia Pty Ltd joint venture with the Laminex Group. The new joint venture, known as Momentive Specialty Chemicals Australia Pty Ltd (“JV”), is owned 50 percent by Momentive Specialty Chemicals and 50 percent by Laminex.
The JV provides formaldehyde and urea formaldehyde resins to Laminex, as well as other products to industrial customers in Western Australia. MSC Australia will manage the day-to-day operations of the JV, as well as provide industry leading technology to the JV. Laminex is the leading marketer and manufacturer of premium decorative surfaces in Australia and New Zealand. Laminex also produces raw wood panels, a vital product for decorative surfaces.
“As the world’s largest producer of formaldehyde and forest product resins, we are committed to strategically investing in the high-growth regions of the world,” said Craig O. Morrison, Chairman, President and CEO. “We are pleased to partner with Laminex on this transaction, which has been a long-time and valued customer. With five current Momentive Specialty Chemicals sites in Australia and New Zealand, this acquisition further positions the Company to capitalize on a rebounding forest products market in the Asia-Pacific region.”
The JV, which has 30 employees, generated approximately $30 million in sales in 2011. Terms of the transaction were not disclosed.
About the Company
Based in Columbus, Ohio, Momentive Specialty Chemicals Inc. (formerly known as Hexion Specialty Chemicals, Inc.) is the global leader in thermoset resins. Momentive Specialty Chemicals Inc. serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Momentive Specialty Chemicals Inc. is an indirect wholly owned subsidiary of Momentive Performance Materials Holdings LLC.
Momentive Performance Materials Holdings LLC (“Momentive”) is the ultimate parent company of Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. Momentive is a global leader in specialty chemicals and materials, with a broad range of advanced specialty products that help industrial and consumer companies support and improve everyday life. Its technology portfolio delivers tailored solutions to meet the diverse needs of its customers around the world. Momentive was formed in October 2010 through the combination of entities that indirectly owned Momentive Performance Materials Inc. and Hexion Specialty Chemicals, Inc. The capital structures and legal entity structures of both Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. (formerly known as Hexion Specialty Chemicals, Inc.), and their respective subsidiaries and direct parent companies, remain separate. Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. file separate financial and other reports with the Securities and Exchange Commission. Momentive is controlled by investment funds affiliated with Apollo Global Management, LLC. Additional information about Momentive and its products is available at www.momentive.com.
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