July 30, 2016 1:46 AM ET

Chemicals

Company Overview of Hexion Inc.

Company Overview

Hexion Inc. provides thermosets, 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 d...

180 East Broad Street

Columbus, OH 43215

United States

Founded in 1857

5,100 Employees

Phone:

614-225-4000

Key Executives for Hexion Inc.

Chairman, Chief Executive Officer and President
Age: 60
Chief Financial Officer, Executive Vice President and Director
Age: 59
Executive Vice President and President of Epoxy, Phenolic & Coating Resins Division
Age: 60
Executive Vice President and President of Forest Products Division
Age: 58
Executive Vice President and General Counsel
Age: 58
Compensation as of Fiscal Year 2016.

Hexion Inc. Key Developments

Hexion, Inc. to Build New Analytical Laboratory at Technology & Business Center in Stafford, Texas

Hexion Inc. announced that it is building a new analytical laboratory at its Technology & Business Center located in Stafford, Texas, near Houston. The new laboratory will increase the size of the research and development (R&D) facilities at the site. The expansion will accommodate the growing needs for chromatography, spectroscopy, rheology, microscopy and materials characterization to support new product, process, and application development for Hexion’s Epoxy Phenolic and Coating Resins and Forest Products Divisions.

Hexion Inc. Announces Expansion of Resin Coated Proppant Manufacturing Facility in Canada

Hexion Inc. announced the expansion of its resin coated proppant manufacturing facility in Canada to provide a more efficient supply of proppants to fracturing service companies and operators in the oil and gas industry. Hexion’s proppant plant located in Sturgeon County, north of Fort Saskatchewan, Alberta, Canada is in the process of a phased expansion project, which will significantly increase capacity and logistics capability to efficiently service the Canadian market. These improvements will provide significant additional manufacturing capacity to support the future growth in the Canadian proppant market. The internal plant capacity is expected to be completed by the fourth quarter of 2016. The expansion project includes the purchase of additional land for the installation of track that will accommodate over 100 railcars. New storage silos will ensure ample sand supplies, especially during peak seasons. Production capacity improvements will allow for quicker response to market demand and on-time delivery of product through Hexion’s transloading network that services the Western Canadian Sedimentary Basin. This plant is currently the only proppant manufacturing facility in Canada within the industry and produces a variety of products such as Hexion’s Yukon Black™ proppants, which are a next-generation resin coated sand that bonds at low temperatures. These proppants are ideal for fracture treatments in the low temperature reservoirs in Canada where flowback control is necessary. Low temperature bonding down to 70°F (21°C) bottom-hole static temperature is achieved without the use of a consolidation aid. Resin coated proppants are used in the hydraulic fracturing process to help optimize production from oil and gas wells by maximizing fracture flow capacity from the reservoir to the wellbore. Technological innovations and Hexion’s introduction of enhanced materials have expanded the use of resin coated proppants into unconventional reservoirs that feature complex and challenging geological formations. Hexion’s experienced personnel, with their years of hydraulic fracturing knowledge and expertise, continue to bring advanced proppants to the industry.

Hexion Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016

Hexion Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. Net sales for the quarter ended March 31, 2016 were $909 million, a decrease of 16% compared with $1.08 billion in the prior year period. The decline in Net Sales were primarily driven by the strengthening of the U.S. dollar against most other currencies, softer volumes in both segments and lower selling prices from the decline in oil-driven feed stocks. On a constant currency basis, net sales would have decreased by 11% for the quarter. Operating income was $17 million against $63 million a year ago. Loss before income tax and earnings from unconsolidated entities was $41 million against $11 million a year ago. Net loss was $44 million against $34 million a year ago. Net cash used in operating activities was $101 million against net cash provided by operating activities of $35 million a year ago. Capital expenditures were $27 million against $40 million a year ago.

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