Momentive acquires stake in Australia jv

Momentive Specialty Chemicals (MSC) has acquired Dynea Chemical’s 50% stake in a formaldehyde and urea formaldehyde resins joint venture with Laminex Group. The jv, now called Momentive Specialty Chemicals Australia, provides those products to Laminex, which owns the other half of the jv. The jv had about $30 million in sales in 2011 and employs 30 people. Terms of the deal, including financial details, were not disclosed. MSC will manage the jv’s daily operations and provide technology for production. Laminex is a maker of decorative surfaces and raw wood...

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