COLUMBUS, Ohio – (April 18, 2011) - Momentive Specialty Chemicals Inc., and PCCR USA, Inc., announce today that the companies have signed a definitive agreement for Momentive to sell its North American composites and coating resins business to PCCR USA, a subsidiary of Investindustrial, a European investment group with operations in specialty chemicals , resins and intermediates.
Terms of the agreement were not disclosed. The transaction is subject to customary conditions including governmental reviews.
The Momentive business to be purchased by PCCR includes manufacturing locations in Carpentersville, Ill., Ennis, Texas, Forest Park, Georgia, and Lynwood, Calif. The business had 2010 sales of approximately $230 million and employs 225 people, who it is anticipated will join PCCR at closing.
“This business is an excellent fit with our existing operations in specialty chemicals and will provide us with a significant new presence in the North American marketplace in this industry,” said Andrea C. Bonomi, Chairman of Investindustrial.
Advisors to Momentive on the transaction are The PrinceRidge Group LLC as transaction advisor, and O'Melveny & Myers LLP as legal advisor. Advisors to Investindustrial on the transaction are Lincoln International LLC for M&A, Duff & Phelps Securities LLC for financing, and DLA Piper LLP for legal.