Company Overview of Hexion Inc.
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
Founded in 1857
Key Executives for Hexion Inc.
Chairman, Chief Executive Officer and President
Chief Financial Officer, Executive Vice President and Director
Executive Vice President and General Counsel
Principal Accounting Officer, Senior Vice President and General Controller
Compensation as of Fiscal Year 2016.
Hexion Inc. Key Developments
Hexion Inc. Names Mark Alness as Senior Vice President, Americas Forest Products
Jan 5 17
Hexion Inc. announced that Mark Alness has been named Senior Vice President, Americas Forest Products. Mr. Alness’ expanded responsibilities include all operations and commercial activities in North and South America for the forest products business within the Forest Products Resins Division. Mr. Alness previously served as Vice President, North America Forest Products, a position he has held since 2006. He joined Borden Chemical Inc. in 1978 and has held increasingly larger roles over his career, all of which were focused on engineered wood products.
Hexion Inc. and Hexion LLC Enter into an Amendment Agreement
Dec 23 16
On December 21, 2016, Hexion Inc. entered into an Amendment Agreement among Hexion LLC, the company, certain subsidiaries of the company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. The Amendment Agreement amended and restated the company’s amended and restated asset-based revolving credit facility with modifications to, among other things, permit the refinancing of the company’s 8.875% Senior Secured Notes due 2018 with new first-priority senior secured notes, new senior secured notes and/or other secured or unsecured indebtedness. In addition, under the ABL Facility, certain Lenders agreed to provide extended revolving facility commitments in an aggregate principal amount of approximately $350 million with a maturity date of December 5, 2021, subject to the completion of certain conditions, including, among other things, the refinancing of a portion of the Senior Secured Notes. Upon the effectiveness of the Extended ABL Facility Commitments, the existing commitments will be terminated and the size of the ABL Facility will be reduced from $400 million to $350 million. The December 5, 2021 maturity date of the Extended ABL Facility Commitments is also subject to certain early maturity triggers based on the maturity date and outstanding principal amount of certain series of the Company’s secured notes. There can be no assurance that the Extended ABL Facility Commitments will become effective on the terms currently contemplated, or at all.
Hexion Inc. Announces Plans to Build New European Technology Center in Kamp-Lintfort, Germany
Dec 16 16
Hexion Inc. announced plans to build a new European technology center in Kamp-Lintfort, Germany. The new facility will consolidate activities from several research and development facilities located in nearby Duisburg. The facility will be located at the Dieprahm Technology Park and includes an existing 1,400 square meter (15,000 square feet) building housing office and warehouse space, adjacent to which will be built a 1,600 square meter (17,200 square feet) new laboratory facility. The new facility will house research and development activities including the Transportation Research and Application Center (TRAC), which develops technology solutions to enable growth of composites for the automotive industry. The Kamp-Lintfort facility will also increase Hexion’s process technology research and improve formulation development capabilities for coatings, civil engineering, aerospace composites and electrical casting applications. This new facility will complement Hexion’s high-tech lab dedicated to wind energy applications in Esslingen Germany, which is housed within a high-capacity specialty epoxy resin blending facility. Modifications to the existing building and initial construction on the new facility are expected to begin immediately. The Company plans to complete the project in mid-2018. The new site at Dieprahm Technology Park is approximately 15 miles (24.2 km) from Hexion’s existing facility in Duisburg.
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