Arkema announced today that it has sold its Urea Formaldehyde Resins business to Hexion Specialty Chemicals for an undisclosed fee.
According to a statement, the sale of the business falls in line with Arkema’s strategy for selective management of its asset portfolio.
Based in the Leuna industrial park, located in east central Germany, the Arkema German resins and formaldehyde business manufactures formaldehyde and formaldehyde-based resins including urea-formaldehyde, phenol-formaldehyde and melamine-based resin systems.
These resins are used to manufacture engineered wood panels including oriented strandboard, particleboard and medium density fiberboard. The business also produces impregnation resins used to laminate decorative paper surfaces to wood products. The business employs 100 people and had 2006 revenues of approximately €101m.
The deal, which Arkema says should come into force in the third quarter of 2007, is subject to approval by antitrust authorities.
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