Momentive Specialty Chemicals Inc. has completed the sale of its global Ink & Adhesive Resins (IAR) business to Harima Chemicals Inc., a leading producer of pine-based products, and the Mitsubishi Corp.
The IAR business had 2009 annual revenues of $279 million, ranking it among the world’s leading suppliers of resins and additives to the adhesives, specialty coating and other industries.
The company will be renamed Lawter B.V. in the United States and will be headquartered in the Netherlands. Harima will own 90% of the business; Mitsubishi, 10%.
‘A Truly Global Company’
“It was determined that Harima, by this acquisition, can continue developing and expanding in the resin and chemical products industry,” Harima said in a statement. “Momentive has manufacturing sites in overseas markets that Harima has yet to penetrate. Operations will encompass all areas of the world, making Harima a truly global company.”
The purchase includes 11 manufacturing facilities on five continents and the IAR global product portfolio. The IAR management team and approximately 650 global associates also joined Harima at closing.
Based in Columbus, OH, Momentive Specialty Chemicals 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 owned by Momentive Performance Materials Holdings LLC.
Tokyo-based Harima Chemicals is a leading global producer of pine-based products, synthetic resins, papermaking chemicals, tall oil products and electronic materials. The company was founded in 1947 and is publicly traded on the Tokyo and Osaka stock exchanges.