Hexion announced that it has completed the sale of its PVA & EPI Emulsions business and Portland, Oregon manufacturing plant to Franklin International, a privately-held manufacturer of adhesives, sealants and polymers. The transaction includes the sale of Hexion's Portland, Oregon manufacturing facility as well as customer relationships, associated inventories, and transition of employees to Franklin International's team.
Michael Lefenfeld, President and Chief Executive Officer, commented: "Hexion continues to strategically manage our product portfolio, pipeline of new technologies, and global businesses as we implement a rapid growth strategy. This decision aligns closely with that strategy, allowing us to more effectively launch new technologies and focus on targeted growth sectors. On behalf of everyone at Hexion, I would like to thank our Portland associates for their many contributions. I am confident they will have exciting opportunities ahead under Franklin International's leadership."
Evan Williams, Franklin International President and Chief Executive Officer added, "For over four decades, Franklin International has been a trusted polymer supplier to Hexion's PVA and EPI business, a collaboration we've aspired to deepen for many years. We're thrilled to announce the expansion of our operations in to the Pacific Northwest regions of the United States and Canada, thanks to the acquisition of the Portland, Oregon facility and the innovative technology Hexion has developed. Our commitment to our customers remains our top priority, as we understand that our future success is dependent on the success of our customers. We look forward to the opportunity to earn our new customers' trust and provide more value with the addition of Hexion's PVA & EPI Emulsion technology to our distinguished portfolio of adhesives for Wood Assembly."
The acquisition is expected to strengthen the positions of both companies, paving the way for mutually-beneficial growth periods and consolidation of expertise. Both companies are committed to a smooth transition process to ensure minimal disruption for their employees and customers.
Hexion Contact:
media@hexion.com
