Item 1.01 Entry into a Material Definitive Agreement.

On November 24, 2021, Hexion Holdings Corporation ("Hexion" or the "Company"), the indirect parent of Hexion Inc., today announced that as a result of its ongoing strategic review it has entered into a definitive agreement to sell its epoxy-based Coatings and Composite businesses, which includes the epoxy specialty resins and base epoxy resins and intermediates product lines (together, the "Epoxy Business") for approximately $1.2 billion to Westlake Chemical Corporation (NYSE: WLK).

The Epoxy Business generated total sales of approximately $1.5 billion for the last twelve months ended September 30, 2021, and was reported within the Coatings and Composites reportable segment of the Company. The transaction includes approximately 1,300 associates and 8 manufacturing facilities globally where epoxy-based Coatings and Composite products are produced for highly diversified growing end-markets, such as wind energy, non-residential construction, industrial, electrical, automotive and aerospace.

The Company expects to use the sale proceeds to further pay down debt and to invest in its business. The transaction is expected to close in the first half of 2022, subject to customary regulatory approvals and other closing conditions as well as Works Councils consultation.




Item 9.01     Exhibits
(d) Exhibits
Exhibit No.          Description
99.1                   News Release dated November, 24 2021 titled "Hexion Holdings Announces
                     Agreement to Sell Epoxy Businesses to Westlake Chemical Corporation"
104                  Cover Page Interactive Data File, formatted in Inline XBRL and included as
                     Exhibit 101.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses