Hexion Holdings, which makes adhesives and performance materials used in engineered wood products, withdrew its plans for an initial public offering on Thursday. It originally filed in September 2021 with an estimate deal size of $250 million, but announced in December that it would be acquired by affiliates of American Securities for $30 per share. The transaction was completed earlier this week.
Hexion states that it is a leading global producer of adhesives and performance materials that enable the production of engineered wood products. Through its manufacturing network of 26 production facilities, the company serves highly diversified end-markets such as residential and non-residential construction, energy, automotive, and agriculture, with customers in the US, Europe, Asia, Latin America, Australia, and New Zealand.
The Columbus, OH-based company was founded in 1899 and booked $2.9 billion in revenue for the 12 months ended June 30, 2021. It had planned to list on the NYSE under the symbol HXN. Morgan Stanley was set to be the sole bookrunner on the deal.
