Momentive to sell ink and adhesive resins business
January 17, 2011
Momentive Specialty Chemicals Inc. has signed a definitive agreement to sell its global Ink & Adhesive Resins (IAR) business to Harima Chemicals, Inc., a producer of pine-based products. The deal is expected to close in the first quarter of 2011. Terms of the agreement were not disclosed. IAR, whose 2009 annual revenues were $278 million, supplies resins and additives to the aroma chemical, adhesives, graphic arts, specialty coating and synthetic rubber industries. Harima will purchase the IAR global product portfolio along with 11 manufacturing facilities on five continents. At closing, it is anticipated that the IAR management team and approximately 650 global associates will join Harima’s staff.