The foundry chemicals group ASK Chemicals (Hilden, Germany) has purchased the European foundry business of Hexion Inc. (Ohio, USA).
With this acquisition ASK Chemicals has broadened its portfolio of foundry chemicals in the field of Alphaset phenolic resins, Betaset phenolic resins and furan resins.
ASK Chemicals and Hexion have agreed on an intangible asset purchase of Hexion’s European business book and a long-term toll manufacturing agreement, whereby Hexion will continue to manufacture the products for ASK Chemicals.
Both Hexion and ASK Chemicals are committed to ensuring that the transition of the business will be seamless. Customers can trust that there will be no changes in product, production or contractual terms.
“This acquisition is an important step in our growth strategy. With these new products ASK Chemicals is able to offer our customers an even broader portfolio of no-bake and furan resin,” states Frank Coenen, Chief Executive Officer of ASK Chemicals. “We will introduce the world-leading products of the Alphaset family to a wider foundry market.” Alphaset products are especially known for their superior technical and environmental performance in the field of no-bake binders.