Dynea Sells Dutch Resins Plant to ChemCom Investments

Delfzijl, Netherlands -- Dynea Nederland Holding BV has sold the shares of its Dutch company, Dynea BV, to ChemCom Investments BV, a legal entity formed by former and current members of the management team of Dynea BV. The details of the management buy-out are not disclosed.

Dynea BV has a resins plant in Delfzijl in the Netherlands and employs 35 persons, who will continue to work for the new enterprise. The plant, which started operations in 1971, produces some 70,000 tonnes of formaldehyde and approximately 130,000 tonnes of formaldehyde based resins annually, used mainly in the manufacture of composite boards. The plant also produces adhesives for interior wood products and sells methanol to the local market. The plant will continue to deliver formaldehyde to Dynea Germany, to toll-produce interior wood adhesives for Dynea Norway and to supply existing and new customers.

"This divestment follows our strategy to develop our business portfolio by concentrating on our core product and application areas," says Hans Pettersson, President and CEO of Dynea. "The new owners have a long time history with the company, know the local markets and customers well and plan to develop the business further."

About Dynea

Dynea is one of the world-leader in creating high value adhesion and surfacing solutions for the wood processing and construction industries as well as for other select industrial applications. The company has 35 production plants and over 2000 employees in 20 countries in Europe and the Asia Pacific region. Turnover in 2011 was ?26.2 million.