Black Diamond and Investindustrial completed the acquisition of the PSR unit of Hexion for $425m.

Investment companies Black Diamond and Investindustrial completed the acquisition of the Phenolic Specialty Resin, Hexamine and European-based Forest Products Resins businesses of Hexion, a chemical company based in Columbus, Ohio, for $425m. "We continue to strategically manage our portfolio providing us the ability to further strengthen our balance sheet and maintain a strong business going forward. As we proceed, we will leverage our differentiated technology and global manufacturing footprint to serve the diversified customers of our remaining businesses. On behalf of everyone at Hexion, I would like to thank our associates within our Phenolic Specialty Resins, Hexamine and European-based Forest Products Resins businesses for their many contributions. I am confident they will have exciting opportunities ahead," Craig Rogerson, Chairman, Hexion President and CEO.