Momentive Specialty Chemicals Inc. Acquires Interest in Strategic Forest
Products Joint Venture with the Laminex Group
COLUMBUS, Ohio -- January 4, 2013
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.
Momentive Specialty Chemicals Inc.
Investors and Media
John Kompa, 614-225-2223
Ken Gordon, 614-225-2224
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