Black Diamond

Hexion is selling its phenolic resin, hexamine, and European forest-product resin businesses to private equity firms Black Diamond and Investindustrial for $425 million. The businesses include the Bakelite brand and generated $530 million in sales over the past 12 months.

Hexion Inc. entered a definitive agreement to sell its phenolic specialty resins, hexamine, and forest products resins businesses to Black Diamond and Investindustrial for approximately $425 million, including 11 manufacturing facilities.