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Westlake Takes on Hexion’s Global Epoxy Business for $1.2B

Image courtesy of Westlake Westlake-Only-Logo-HiRez.jpg
The acquisition will support Westlake’s chloro-vinyl’s business and expand its portfolio of coatings and composites.

Chemicals and materials supplier Westlake Chemical Corp. signed a definitive agreement to acquire the global epoxy business of Hexion for $1.2 billion, a recent company release announced. The deal will grow Westlake’s portfolio of coatings and composite products sold by its chloro-vinyls business.

“Light-weighting is a critical feature for the manufacture of structural components for automobiles and renewable energy, particularly the composite blades used by wind turbines, and expocies are key ingredients for these sustainable products,” Albert Chao, president and chief executive officer of Westlake, said in a statement. “The industries served by Hexion Epoxy are very attractive to Westlake and the business is expected to be a synergistic addition to Westlake’s existing businesses.”

Hexion Epoxy produces epoxy resins, modifiers and curing agents for high-performance materials, coatings, and composites at eight manufacturing sites Asia, Europe, and the US. The firm also operates five R&D labs and tolling facilities in Asia. The epoxy business generated net sales of $1.5 billion in the twelve months that ended Sept. 30, 2021.

Westlake expects the sale to reach completion in the first half of 2022.

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