We are advising Hexion on the transaction

Davis Polk is advising Hexion Holdings Corporation on the approximately $1.2 billion sale of its epoxy-based Coatings and Composite businesses, which include the epoxy specialty resins and base epoxy resins and intermediates product lines, to Westlake Chemical Corporation. The transaction is expected to close in the first half of 2022, subject to customary regulatory approvals and other closing conditions as well as prior Works Councils consultation.

Based in Columbus, Ohio, Hexion is a global leader in thermoset resins. Hexion serves the global adhesive, coatings, composites and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Headquartered in Houston, Westlake provides the building blocks for vital solutions — from building products and infrastructure materials, to packaging and healthcare products, to automotive and consumer goods.

The Davis Polk corporate team includes partner William H. Aaronson and associate Christine Choi. Partner Jeffrey P. Crandall and associate Justin Alexander Kasprisin are providing executive compensation advice. Partner Pritesh P. Shah and associate Christopher C. Woller are providing intellectual property advice. Partner William A. Curran and associate Danielle Rapaccioli are providing tax advice. Partner Ronan P. Harty and counsel Matthew Yeowart are providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and London offices.