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Momentive to Better Align European Market Demand for Solid Epoxy Resins with Closure of Wesseling Site

Published on 2012-03-16. Author : SpecialChem

COLUMBUS, Ohio -- Momentive Specialty Chemicals, Inc. ("MSC," or the "Company") announced the closure of its Wesseling, Germany, site. This action will better align European market demand for solid epoxy resins (SER) with Momentive's existing assets. Manufacturing at Wesseling is scheduled to close in October, 2012.

"While today's announcement is difficult, this action will improve the overall competitiveness of our base epoxy resins business," said Nigel Seymour, Vice President, Base Epoxy Resins. "We are continuously analyzing our manufacturing footprint and cost structure to improve our productivity. We will be working closely with our customer base to ensure a smooth transition over the coming months."

The site is operated by LyondellBasell through a leasing arrangement. Affected associates of LyondellBasell have been notified and the Company is working closely with LyondellBasell to provide appropriate severance and other support. The site closure impacts approximately 30 associates.

Operations at Momentive's other European epoxy manufacturing facilities are not impacted by closure of the Wesseling site.

About the Company

Based in Columbus, Ohio, Momentive Specialty Chemicals Inc. (formerly known as Hexion Specialty Chemicals, Inc.) is the global leader in thermoset resins. Momentive Specialty Chemicals Inc. serves the global wood 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. Momentive Specialty Chemicals Inc. is an indirect wholly owned subsidiary of Momentive Performance Materials Holdings LLC., the owner of its sister company, Momentive Performance Materials Inc., a global leader in silicones and advanced materials.

About Momentive

Momentive Performance Materials Holdings LLC is the ultimate parent company of Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. (collectively, "Momentive"). Momentive is a global leader in specialty chemicals and materials, with a broad range of advanced specialty products that help industrial and consumer companies support and improve everyday life. The company uses its technology portfolio to deliver tailored solutions to meet the diverse needs of its customers around the world. Momentive was formed in October 2010 through the combination of entities that indirectly owned Momentive Performance Materials Inc. and Hexion Specialty Chemicals Inc. The capital structures and legal entity structures of both Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. (formerly known as Hexion Specialty Chemicals, Inc.), and their respective subsidiaries and direct parent companies, remain separate. Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. file separate financial and other reports with the Securities and Exchange Commission. Momentive is controlled by investment funds affiliated with Apollo Global Management, LLC.

Source: Momentive

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