Consumables

Momentive Specialty Chemicals Inc. Acquires Interest in Strategic Forest Products Joint Venture with the Laminex Group

Monday 07. January 2013 - Momentive Specialty Chemicals Inc. ("Momentive Specialty Chemicals" or the "Company") today announced that Momentive Specialty Chemicals Pty Ltd. ("MSC Australia"), a wholly owned subsidiary of the Company, has acquired Dynea Chemical OY's interest in the Dynea Australia Pty Ltd joint venture with the Laminex Group. The new joint venture, known as Momentive Specialty Chemicals Australia Pty Ltd ("JV"), is owned 50 percent by Momentive Specialty Chemicals and 50 percent by Laminex.

The JV provides formaldehyde and urea formaldehyde resins to Laminex, as well as other products to industrial customers in Western Australia. MSC Australia will manage the day-to-day operations of the JV, as well as provide industry leading technology to the JV. Laminex is the leading marketer and manufacturer of premium decorative surfaces in Australia and New Zealand. Laminex also produces raw wood panels, a vital product for decorative surfaces.
“As the world’s largest producer of formaldehyde and forest product resins, we are committed to strategically investing in the high-growth regions of the world,” said Craig O. Morrison, Chairman, President and CEO. “We are pleased to partner with Laminex on this transaction, which has been a long-time and valued customer. With five current Momentive Specialty Chemicals sites in Australia and New Zealand, this acquisition further positions the Company to capitalize on a rebounding forest products market in the Asia-Pacific region.”
The JV, which has 30 employees, generated approximately $30 million in sales in 2011. Terms of the transaction were not disclosed.