COLUMBUS, Ohio - Hexion Specialty Chemicals, a producer of thermoset resins, and OAO Shchekinoazot, a Russian industrial chemicals supplier, announced Wednesday the forming of a joint venture company, Hexion-Shchekinoazot, to manufacture resins for the forest products and construction markets.
Hexion-Shchekinoazot will build a resin production facility in the Tula region of Russia, directly at the Shchekinoazot industrial site. Production is planned to begin by the end of 2007.
Initially, the new resins plant will produce phenol formaldehyde resins before expanding to include production of urea formaldehyde resins and other thermoset formaldehyde derivatives.
OAO Shchekinoazot will provide a reliable and regular supply of raw materials for the new production site through its operating UFC plant and formalin plant.
The new resin plant will be constructed with high efficiency and environmentally safe technology from Hexion.