Hexion to Buy Huntsman Corp.

Huntsman Corp., Salt Lake City, has agreed to a defi nitive merger agreement with Hexion Specialty Chemicals, Inc., Columbus, Ohio, an Apollo Management, L.P. portfolio company and a global leader in thermoset resins, including vinyl esters, unsaturated polyesters, and epoxies. Hexion’s proposal was preferred by Huntsman’s Board of Directors to an earlier merger agreement with Basell, which was terminated. One of the major gains for Hexion in this acquisition is Huntsman’s polyurethanes business. Huntsman also makes TPUs, TiO2 pigments, Araldite epoxies and adhesives, and Ren-Shape modeling boards and stereolithography resins, as well as chemicals such as maleic anhydride (used in thermoset polyesters). Huntsman agreed back in February to sell its U.S. polymers (PP, PE, EPS bead) and base chemicals (olefi ns and aromatics) businesses to Flint Hills Resources, LLC, sub. of Koch Industries, Wichita, Kan. The deal is expected to be concluded next month. Hexion: (614) 225-4127/www.hexionchem.com • Huntsman: (281) 719-6624/www.huntsman.com