Momentive Specialty Chemicals, producer of thermoset resins, has entered into an agreement with Investindustrial’s subsidiary, PCCR USA, to sell its coating resins and composites unit in North America to PCCR USA. Investindustrial is an investment group in Europe and specializes in resins, intermediates and specialty chemicals.
PCCR USA will purchase Momentive’s manufacturing operations in Forest Park, Georgia; Carpentersville, Illinois; Lynwood, California and Ennis, Texas. These operations generated sales revenue of around $230 million in 2010.
Investindustrial’s Chairman, Andrea C. Bonomi stated that Momentive’s North American business will extend Investindustrials’ specialty chemical operations and will offer the company a new position in the respective market.
The PrinceRidge Group acted as transaction advisor and O'Melveny & Myers acted as legal advisor for Momentive. Lincoln International, DLA Piper and Duff & Phelps Securities acted as financial and legal advisors for Investindustrial.