Hexion to pay down debt with proceeds from business sale

By Rebecca Melvin

Concord, N.H., Nov. 24 – Hexion Holdings Corp. is paying down debt and investing in its business with proceeds from the sale of a business for about $1.2 billion, according to a company press release on Wednesday.

The company announced it has entered into a definitive agreement to sell its epoxy-based coatings and composite businesses to Westlake Chemical Corp. The transaction is expected to close in the first half of 2022.

Following completion of the transaction, Hexion will consist of its adhesives and Versatic acids and derivatives product lines.

The thermoset resins producer is based in Columbus, Ohio.

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