COLUMBUS, Ohio – (June 1, 2011) - Momentive Specialty Chemicals Inc. announced today that it has completed the previously announced sale of 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.
The business includes manufacturing locations in Carpentersville, Ill., Ennis, Texas, Forest Park, Georgia, and Lynwood, Calif. The business has annual sales of approximately $230 million and employs 225 associates.
Advisors to Momentive on the transaction were The PrinceRidge Group LLC as transaction advisor, and O'Melveny & Myers LLP as legal advisor. Advisors to Investindustrial on the transaction were Lincoln International LLC for M&A, Duff & Phelps Securities LLC for financing, and DLA Piper LLP for legal.