Morgan Lewis Advises Borden Chemical on Acquisitions in the U.S. and Europe
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date:
06/13/2005 -
news source:
Press Releases
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New York, June 13, 2005 — Morgan Lewis & Bockius LLP represented Borden Chemical as it completed a series of acquisitions on May 31 that made Borden the world’s largest producer of thermosetting resins, with annual revenues of more than $4 billion. Borden simultaneously changed its name to Hexion Specialty Chemicals, Inc.
Hexion is owned by affiliates of the private investment firm Apollo Management L.P. Apollo’s first acquisition in this area was its 2000 purchase of Resolution Performance Products, the former epoxy business of Shell Chemical. Next, in August 2004, Apollo affiliate purchased Borden and Resolution Specialty Materials, the former resins, inks and monomers business of Eastman Chemical. In April of this year, Borden received clearance from the European Commission to purchase Bakelite, a German manufacturer of a variety of high performance and industrial resins. That transaction received close scrutiny from the European Commission and was completed after Apollo made certain commitments to the Commission. The last steps in the transactions took place on May 31 when Borden purchased two other Apollo portfolio companies—Resolution Performance Products and Resolution Specialty Materials. Apollo has already announced plans to take the company public.
The Morgan Lewis team that handled the competition work on all the transactions in the United States and Europe was led by partners Izzet Sinan in Brussels and Jonathan Rich in Washington and included associates Jonathan N.T. Uphoff in Brussels, Randall Conner and Alexis Gilman in Washington, Eva Rayle in Frankfurt, Aurelien Condomines in Paris and Harry Robins in New York.
About Morgan, Lewis & Bockius LLP
Morgan Lewis is a global law firm with more than 1,200 lawyers in 19 offices located in Philadelphia, Washington, D.C., New York, Los Angeles, San Francisco, Miami, Pittsburgh, Princeton, Chicago, Palo Alto, Dallas, Harrisburg, Irvine, Boston, London, Paris, Brussels, Frankfurt and Tokyo. For more information about Morgan Lewis, please visit www.morganlewis.com.