Momentive Specialty Chemicals completes sale of ink & adhesive resins business to Harima Chemicals

COLUMBUS, OH, Feb. 1, 2011 (Business Wire) - Momentive Specialty Chemicals Inc. announced today that it has completed the sale of its global Ink & Adhesive Resins (IAR) business to Harima Chemicals, Inc., a leading producer of pine-based products.

The IAR business had 2009 annual revenues of $279 million and is one of the world's leading suppliers of resins and additives to the graphics arts, adhesives, aroma chemical, synthetic rubber and specialty coating industries. Harima's purchase included the complete business including 11 manufacturing facilities on five continents and the IAR global product portfolio. The IAR management team and approximately 650 global associates also joined Harima at closing.

The PrinceRidge Group LLC served as transaction advisor and O'Melveny & Myers LLP served as legal advisor to Momentive.