Germany: Broader Foundry Portfolio Hüttenes Aquires Hexion's Interests in Joint Venture
Hexion and Hüttenes-Albertus Chemische Werke (HA) announced that Hexion has sold its 50 % interest in HA-International to its joint venture partner HA-USA.
Düsseldorf/Germany – HAI is a manufacturer and supplier of foundry resin systems, resin coated sand for shell molding and refractory coatings for North America and is fully controlled by HA. The American company will continue a strategic sourcing arrangement with Hexion’s Louisville, Kentucky site.
Dr. Carsten Kuhlgatz, President and CEO, Hüttenes-Albertus Chemische Werke: “The acquisition of Hexion’s interest in the joint venture demonstrates our long-term commitment as a solutions provider that is well positioned to deliver sustainable customer value within the foundry industry, while broadening our product portfolio and providing innovative technologies to our customers globally.”
Craig O. Morrison, Chairman, President and CEO, Hexion adds: “Although we have sold our ownership stake to our joint venture partner, our relationship will continue in all material respects as we focus on serving HAI customers without interruption.”
Both companies have entered into long term toll agreements for the supply of resins and special coated sands whereas HAI will provide special coated sands and Hexion will provide resins.