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February 11, 2016 1:53 AM ET

Chemicals

Company Overview of Hexion Inc.

Company Overview

Hexion Inc. provides thermoset, specialty products, and technical support for a range of applications and industries worldwide. It operates in two segments: Epoxy, Phenolic and Coating Resins; and Forest Products Resins. The Epoxy, Phenolic and Coating Resins segment offers epoxy specialty resins, modifiers, and curing agents for use in the automotive, construction, wind energy, aerospace, and electronics industries; basic epoxy resins, such as solid epoxy resins and liquid epoxy resins for industrial coatings applications; bisphenol-A and epichlorohydrin products; and versatic acids and derivatives under the Versatic, VEOVA vinyl ester, and CARDURA glycidyl ester names, which are used in de...

180 East Broad Street

Columbus, OH 43215

United States

Founded in 1857

5,200 Employees

Phone:

614-225-4000

Key Executives for Hexion Inc.

Chairman, Chief Executive Officer and President
Age: 59
Chief Financial Officer and Executive Vice President
Age: 58
Executive Vice President and President of Epoxy, Phenolic & Coating Resins Division
Age: 59
Executive Vice President and President of Forest Products Division
Age: 57
Executive Vice President and General Counsel
Age: 57
Compensation as of Fiscal Year 2015.

Hexion Inc. Key Developments

Hexion Inc. Announces Resignation of William H. Carter as Executive Vice President and Chief Financial Officer

On January 1, 2016, Hexion Inc. entered into a letter agreement with Mr. William H. Carter in connection with his resignation from his role as Executive Vice President and Chief Financial Officer of the company as of December 31, 2015 and retirement from the company effective as of January 1, 2016.

Hexion to Expand Epoxy Resin Capacity at Tianjin, China

Hexion planed to expand the production capacity for waterborne epoxy resin at its site in Tianjin, China. The expansion would help Hexion meet demand for the products which are used in a range of applications, including the formulation of waterborne coatings, polymer flooring, sizing for glass or carbon fibres used in wind energy, and in automotive and aerospace applications.

Hexion Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015

Hexion Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the third quarter, the company’s net sales for the quarter ended September 30, 2015 were $1,065 million, a decrease of 21% compared with $1,347 million in the prior year period. The decline in net Revenue was primarily driven by the strengthening of the U.S. dollar against most other currencies and lower selling prices from the decline in oil-driven feed-stocks, which more than offset gains in several specialty businesses. On a constant currency basis, net sales would have decreased by 12% for the quarter. Operating income was $74 million against $67 million a year ago. Income before income tax and earnings from unconsolidated entities was $4 million against loss before income tax and earnings from unconsolidated entities of $28 million a year ago. Income before earnings from unconsolidated entities was $3 million against before earnings from unconsolidated entities of $30 million a year ago. Net income was $7 million against net loss of $26 million a year ago. For the quarter ended September 30, 2015, Segment EBITDA was $133 million, an increase of 4% compared with $128 million in the prior year period. The increase in Segment EBITDA was primarily driven by strong growth in the company’s specialty epoxy and North American forest products resins businesses. Specialty epoxy resins benefited from positive wind energy demand while the company’s North American forest product resins business benefited from an improvement in the local housing markets, partially offset by weaker oilfield proppants results and the impact of the U.S. dollar strengthening against most other currencies. On a constant currency basis, Segment EBITDA would have increased 13% for the quarter. For the nine months, the company reported net sales of $3,231 million against $3,977 million a year ago. Operating income was $216 million against $190 million a year ago. Loss before income tax and earnings from unconsolidated entities was $14 million against $63 million a year ago. Loss before earnings from unconsolidated entities was $42 million against $80 million a year ago. Net loss was $29 million against $66 million a year ago. Net cash provided by operating activities was $66 million against net cash used in operating activities of $132 million a year ago. Capital expenditures were $122 million against $133 million a year ago. Segment EBITDA was $393 million compared with $371 million in the prior year period.

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