COLUMBUS, Ohio -- Momentive Specialty Chemicals, Inc. has announced the closure of its site at Pardubice, Czech Republic. This action will better align European market demand for phenolic specialty resins with Momentives existing capabilities and assets. Products manufactured at Pardubice will be transferred to other sites within the Momentive network. Manufacturing at Pardubice is scheduled to close on June 30, 2012.
Affected associates have been notified and the Company is providing appropriate severance and other support.
"This announcement is regrettable, but necessary," said Marcello C. Boldrini, Vice President, Phenolic Specialty Resins. "We are continuously analyzing our European business in a difficult economic climate to make changes that will improve our productivity to further strengthen our competitiveness."
Operations at Momentives Sokolov, Czech Republic facility are not impacted by closure of the Pardubice site.
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.
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.
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